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Sebi moves SC over SAT order in Diageo's United Spirits buy
Mint Mumbai
|November 21, 2023
The Securities and Exchange Board of India (Sebi) has moved the Supreme Court (SC) challenging an appeals court verdict in British alcoholic beverage maker Diageo Plc’s 2012 acquisition of United Spirits Ltd (USL), a case that may determine the stock market regulator’s power to intervene in a takeover after the open offer has concluded.
The apex court website showed that Sebi filed the petition in October, and a bench will be allotted soon. A verdict will decide whether shareholders who exited USL through an open offer in late 2012 and early 2013, when Diageo took over the company, deserved a better price.
“Sebi had approved the transaction in 2013; however, they went on to initiate proceedings against the company nearly three years later, in 2016," said a lawyer privy to the development. “In a way, the intervention was retrospective in nature. If the Sebi order is upheld by the apex court, it would have an impact on the whole takeover code."
An email sent to Sebi remained unanswered at the time of going to press.
This story is from the November 21, 2023 edition of Mint Mumbai.
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