The Security and Exchange Board of India (SEBI) has served United Spirits Limited with notice of an appeal before the Supreme Court of India against the order of the Security Appellate Tribunal dated July 26, 2023.
The Security Appellate Tribunal has allowed an appeal filed by Diageo plc (i.e., the ultimate parent of United Spirits Limited) against an order of the Securities and Exchange Board of India about an open offer made by the Diageo group to the shareholders of the Company in 2012.
The plea before the Appellate Tribunal challenged SEBI’s order concerning an open offer made by the Diageo group to the shareholders of the Company in 2012.
On July 26, 2023, SAT allowed Diageo’s appeal and quashed SEBI’s order dated June 26, 2019.
“To reiterate, neither SAT’s order nor SEBI’s appeal has any operational implications for, or any other impact on, the Company. This disclosure is being made in the interest of transparency,” United Spirit said in the exchange filing.
