October 10, 2012 1:08:13 am
Vijay Mallyas UB Group and his old rival Kishore Rajaram Chhabria on Tuesday filed consent terms in the Calcutta High Court to bring to end a long-drawn battle which started with Mallyas takeover of Shaw Wallace in 2005. The move to close 30 cases on both sides comes as Mallya is talking to Diageo to sell a stake in his flagship United Spirits.
For Mallya,this is one impediment out of the way before he possibly consummates the deal with Diageo. Meanwhile,Chhabrias Allied Blenders & Distillers will finally get undisputed ownership of Officers Choice,its largest selling whiskey,a product which Mallya had laid claim to. ABD said that now it could concentrate on brand building and raise fresh capital.
Late last year,Mallya had moved the Calcutta HC seeking to restrain ABD from raising capital until the ownership dispute was settled. The United Spirits scrip closed at Rs 1,260.70,up by 6.67 per cent on the BSE on Tuesday. FE
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