<p>The acquisition of 3.45 million shares in United Spirits (USL) by Diageo through its subsidiary Relay B V from USL Benefit Trust is unlikely to materialise by the November 11, 2013 deadline due to litigation involving the shares, which have been pledged.<br /><br /></p>.<p>In a filing to the Bombay Stock Exchange on Friday, Relay B V said that the acquisition of shares representing 2.38 per cent in USL will be subject to the decision of Karnataka High Court on a petition filed by USL and USL Benefit Trust.<br /><br />The shares were pledged in favour of United Trust of India Investment Advisory Services on behalf of Punjab National Bank (PNB) and IDBI Bank to secure certain outstanding facilities as part of loan agreements with USL. While the amounts due to PNB and IDBI Bank have been reportedly cleared as claimed in the filing, IDBI Bank has “refused to instruct to release the pledge” forcing USL and USL Benefit Trust to file a petition against IDBI Bank and the trustee on November 6, 2013 in the Karnataka High Court.<br /><br />It said that since the case is not likely to be disposed off before the November 11, 2013 deadline, it would be unable to complete the remaining stake acquisition.<br /><br />KFA Q2 loss at Rs 715 cr Grounded aviation firm Kingfisher Airlines (KFA) posted net loss of Rs 715.55 crore for the quarter ended September 30, 2013 (Q2) even as the grounded airline remains grounded and mired in multiple problems.<br /><br />The beleagured KFA has not flown since last October. Its net loss was Rs 754 crore in the corresponding period last fiscal. <br /><br />Though it did not have any income during Q2, its expenses included salaries and aircraft lease rentals.<br /><br />The company’s income in the year-ago period was Rs 200 crore.</p>
<p>The acquisition of 3.45 million shares in United Spirits (USL) by Diageo through its subsidiary Relay B V from USL Benefit Trust is unlikely to materialise by the November 11, 2013 deadline due to litigation involving the shares, which have been pledged.<br /><br /></p>.<p>In a filing to the Bombay Stock Exchange on Friday, Relay B V said that the acquisition of shares representing 2.38 per cent in USL will be subject to the decision of Karnataka High Court on a petition filed by USL and USL Benefit Trust.<br /><br />The shares were pledged in favour of United Trust of India Investment Advisory Services on behalf of Punjab National Bank (PNB) and IDBI Bank to secure certain outstanding facilities as part of loan agreements with USL. While the amounts due to PNB and IDBI Bank have been reportedly cleared as claimed in the filing, IDBI Bank has “refused to instruct to release the pledge” forcing USL and USL Benefit Trust to file a petition against IDBI Bank and the trustee on November 6, 2013 in the Karnataka High Court.<br /><br />It said that since the case is not likely to be disposed off before the November 11, 2013 deadline, it would be unable to complete the remaining stake acquisition.<br /><br />KFA Q2 loss at Rs 715 cr Grounded aviation firm Kingfisher Airlines (KFA) posted net loss of Rs 715.55 crore for the quarter ended September 30, 2013 (Q2) even as the grounded airline remains grounded and mired in multiple problems.<br /><br />The beleagured KFA has not flown since last October. Its net loss was Rs 754 crore in the corresponding period last fiscal. <br /><br />Though it did not have any income during Q2, its expenses included salaries and aircraft lease rentals.<br /><br />The company’s income in the year-ago period was Rs 200 crore.</p>
