Dec 21, 2013, 03.17 PM IST
Fereshte Sethna, lawyer representing BNP Paribas, one of the creditors that won the decision in Karnataka HC today, which declared that the share sale of United Spirits Ltd (USL) to Diageo by United Breweries Holdings Ltd (UBHL) null and void, shares her views.
Tags Fereshte Sethna, BNP Paribas, United Spirits, Diageo , United Brewerie, UB Holdings
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Why BNP Paribas lawyer feels K'taka HC order is correct
Fereshte Sethna, lawyer representing BNP Paribas, one of the creditors that won the decision in Karnataka HC today, which declared that the share sale of United Spirits Ltd (USL) to Diageo by United Breweries Holdings Ltd (UBHL) null and void, shares her views.
Like this story, share it with millions of investors on M3
Why BNP Paribas lawyer feels K'taka HC order is correct
Fereshte Sethna, lawyer representing BNP Paribas, one of the creditors that won the decision in Karnataka HC today, which declared that the share sale of United Spirits Ltd (USL) to Diageo by United Breweries Holdings Ltd (UBHL) null and void, shares her views.
Fereshte Sethna, lawyer representing BNP Paribas says at the time when the transaction in question was entered into, Diageo was fully alive to the fact that there were at that point in time already five winding up petitions pending in the Karnataka high court. There was an absence of insolvency requirement that was stipulated in the contractual documentation, she says.
Hence, UBHL and Diageo both took a calculated risk in terms of proceeding ahead with signing up to a contract and thereafter proceeding ahead to put through a transaction which was still to go through an appellate stage, she told CNBC-TV18.
United Spirits stock price
On December 20, 2013, United Spirits closed at Rs 2670.55, up Rs 25.65, or 0.97 percent. The 52-week high of the share was Rs 2815.00 and the 52-week low was Rs 1708.20.
The company's trailing 12-month (TTM) EPS was at Rs 24.01 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 111.23. The latest book value of the company is Rs 440.83 per share. At current value, the price-to-book value of the company is 6.06.
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