| When contacted, Chhabria refused to confirm that any agreement had been arrived at and declined comment. Mallya also declined to comment on the time frame for this move and said that his legal department was working on the draft to be filed with the court. |
| He did not reveal the amount to be paid to buy out Kishore Chabbria's stake in Herbertsons. Mallya and Chhabria jointly approached the bench of the Calcutta high court recently to end the battle. |
| This is the second time around that the two have agreed for an out of court settlement, after the first agreement was shelved owing to differences on the valuation of Herbertsons. |
| If the two sparring businessmen reach an agreement this time, it will bring to an end a series of legal battles which started in 2003, when Sebi asked both of them to reduce their stakes in the company by offering shares to the public. |
| However, Chabbria had appealed to Securities Appelate Tribunal against this order, which asked him to make an open offer and pay an interest of 15 per cent to all Herbertsons shareholders who have held stock since 1995. |
| Mallya further added that once Herbertsons comes under his fold, he will merge Herbertsons with McDowell and these companies will be dealing with spirits within the UB Group. |
| UB Holdings have around 35.65 per cent in Herbertsons, which is the third largest alcohol beverage company in India. |
| Herbertsons has popular brands such as Bagpiper Whisky and Honey Bee Brandy and the company sells over 10 million cases per year. |
| Bagpiper Whisky is the 4th largest selling whisky and largest selling non-scotch whisky brand in the world. |
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