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Diageo seeks first access to shares held by Vijay Mallya in United Breweries, says report

Diageo seeks first access to shares held by Vijay Mallya in United Breweries, says report

Diageo seeks first access to shares held by Vijay Mallya in United Breweries, says report
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By CNBC-TV18 Mar 8, 2019 9:05:22 AM IST (Published)

British Spirits maker Diageo, which holds the majority stake in United Spirits, has sought first access to and restoration of the shares attached to Vijay Mallya in United Breweries and Watson to recover dues from its former joint venture partner, The Economic Times reported.

British Spirits maker Diageo, which holds the majority stake in United Spirits, has sought first access to and restoration of the shares attached to Vijay Mallya in United Breweries and Watson to recover dues from its former joint venture partner, The Economic Times reported.

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The company has sent a written request to the Enforcement Directorate (ED) and the ED officials said the court will take a call on the request, two people with direct knowledge of the plan told the newspaper.
The ED said that they have given the nod to secured lenders and the court will decide the intervention plea by others, the report said.
The request by Diageo comes less than a week before the Prevention of Money Laundering Act (PMLA) court meeting on March 13.
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