SC orders 'status quo' in United Spirits-Diageo deal

The Supreme Court on Monday directed that the "status quo" be maintained in the sale of United Spirits to British group Diageo Plc 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, 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.

EDITORIAL OF THE DAY

  • Electricity generators sit on hundreds of gigawatts waiting for buyers

    Be it a Lok Sabha, Rajya Sabha or a state legislature poll, power — as in electricity — remains a major issue on which elections are won or lost.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Arun Kumar Jain

A complex challenge for our PSUs

Till the mid-1990s, the central government and its companies were ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Dharmendra Khandal

The one in which a blue whale was washed ashore

Quite unexpectedly, a gigantic blue whale was washed ashore at ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture