The company moved the Supreme Court against the Karnataka High Court's March 6 order that upheld its February 2017 order directing the winding up of UBHL for recovery of dues payable by Kingfisher Airlines Limited.
The banks' legal team argued that the assets of United Breweries Holdings Limited (UBHL), being relied on by Mallya as part of a second settlement offer, are “unquestionably under the control of its Official Liquidator” and therefore not available to Mallya or the erstwhile management of UBHL.
On January 06, 2016, United Breweries (Holdings) Limited sold 19,58,000 shares of United Breweries at Rs 950.10.
The Karnataka High Court (HC) on Tuesday gave a breather to Vijay Mallya after it kept its summons in abeyance till the audit report of the USL-Diageo deal is submitted.
United Breweries submitted key documents regarding the Diageo deal including the audit and compliance report to the Karnataka High Court.
CNBC-TV18's Nigel D‘Souza and Kritika Saxena report that USL will launch the open offer amid concerns. Sources add a revival plan is in the offing in the KFA CEO's meeting with the DGCA tomorrow