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Chhabria for settling dispute with Mallya over Herbertsons
New Delhi, Aug 24: The fight between two liquor barons over ownership of Herbertsons, makers of the largest selling whisky brand Bagpiper, took a new turn with Kishore R Chhabria making a fresh appeal to Vijay Mallya of UB Group to settle the issue.
New Delhi, Aug 24: The fight between two liquor barons over ownership of Herbertsons, makers of the largest selling whisky brand Bagpiper, took a new turn with Kishore R Chhabria making a fresh appeal to Vijay Mallya of UB Group to settle the issue.
"For six years, I have been asking Mallya to come for a
settlement. I am asking him again now. But the problem is he
is not too serious," Chhabria told.
Chhabria declined to say what a settlement could be, but industry sources say it could be giving Chhabria control of BDA, a 100 per cent subsidiary of Herbertsons while paying Chhabria for his shares in Herbertsons.
Mallya is presently managing Herbertsons while Chhabria is chairman of BDA, which makes the second largest whisky brand in the country, officer's choice.
Chhabria made an open offer to shareholders of Herbertsons Ltd to acquire an additional 19.71 per cent stake at Rs 90.50 plus interest following a Securities Appellate Tribunal(SAT) order of August one, which set aside Sebi's order of 2001.
Sebi in its 2001 order had directed Chhabria to offload the 19.71 per cent stake in Herbertson in market after Mallya had appealed to the market regulator against Chhabria's illegal market purchase of 19.71 per cent equity in 1997.
Chhabria declined to say what a settlement could be, but industry sources say it could be giving Chhabria control of BDA, a 100 per cent subsidiary of Herbertsons while paying Chhabria for his shares in Herbertsons.
Mallya is presently managing Herbertsons while Chhabria is chairman of BDA, which makes the second largest whisky brand in the country, officer's choice.
Chhabria made an open offer to shareholders of Herbertsons Ltd to acquire an additional 19.71 per cent stake at Rs 90.50 plus interest following a Securities Appellate Tribunal(SAT) order of August one, which set aside Sebi's order of 2001.
Sebi in its 2001 order had directed Chhabria to offload the 19.71 per cent stake in Herbertson in market after Mallya had appealed to the market regulator against Chhabria's illegal market purchase of 19.71 per cent equity in 1997.