The High Court of Karnataka has allowed Vijay Mallya's United Breweries Holdings to sell shares to UK-based spirits giant, Diageo, said the media reports.
The report stated the United Breweries is required to file audit report by July 22 in the Karnataka High Court, and will also have to pay Rs 250 crore post the Diageo deal transaction.
As per over Rs 11,000 crore agreement between Diageo and Mallya, the UK-based firm was to get approximately 13 per cent stake in United Spirits from United Breweries.
Several unsecured creditors including Wells Fargo Bank, BNP Paribas and Rolls Royce & Partners Finance have filed a winding up petition in the Karnataka High Court against the company.
While the creditors filed winding up petition stating that United Breweries owe them Rs 300 crore, the company sought court's approval for the stake sale to Diageo.
The Karnataka High Court said while the hearing of the winding up petition will continue, United Breweries will not be able to pledge further shares till the disposal of winding up petition.