Top court orders 'status quo' in United Spirits-Diageo deal
NEW DELHI (Reuters) - The Supreme Court on Monday directed that the "status quo" be maintained in the sale of United Spirits(UNSP.NS) to British group Diageo Plc (DGE.L) until April, when the court will hear the matter again.
In December, a regional Indian court ordered the annulment of the sale in response to a petition by creditors of United Breweries Holdings(UBHL.NS), which sold its stake in United Spirits to Diageo through a complicated share transaction.
Diageo had said it will appeal the decision.
The Supreme Court issued a notice to both United Spirits and Diageo on Monday and said it would hear the matter at length.
Diageo completed its takeover of United Spirits in July, almost eight months after the companies announced the deal because of legal and regulatory difficulties.
(Reporting by Suchitra Mohanty; Writing by Nandita Bose)
- Tweet this
- Share this
- Digg this
- Alabama man claims penis was amputated by mistake
- French warplanes search Mali desert for crashed Air Algerie plane
- REFILE-Minnesota man asked to leave Southwest flight after critical tweet
- UPDATE 7-French warplanes search Mali desert for crashed Air Algerie plane
- Iraq elects president as Ban urges unity to save nation
India blocked an agreement on new global customs rules on Thursday, angering fellow members of the World Trade Organization who say Delhi's veto could be costly, economically and politically. Full Article