UB says HC order not to impact open offer

The open offer, which aims to buy out a 25 per cent stake in SWC at Rs 250 a share, will open on April 18. It will close on May 7. At the offer price, SWC is valued at Rs 1,200 crore.

In a media statement released today, the Vijay Mallya controlled UB group said the Calcutta High Court's order to maintain status quo with regard to the trademark and brands of SWC will not affect the group's open offer to SWC shareholders.

The Calcutta High Court passed an order on March 1 asking SWC to maintain status quo with regard to its brands as well as transfer of shares in various subsidiaries.

The order was passed following a petition for the recovery of over Rs 35 crore by Visisth Chay Vyapar, M K J Enterprises and M K J Developers.

Visisth Chay Vyapar, a company promoted by a Kolkata-based group, had obtained a decree against SWC in 1997. The company alleged in its petition that SWC was disposing of its assets and properties.

"The UB group asserted that in view of the aforesaid, the three companies, namely Visisth Chay Vyapar, M K J Enterprises and M K J Developers filed the execution applications for executive of their decrees for the decreetal amounts and obtained status-quo as against the assets of SWC andor directions as mentioned aforesaid. Hence, it has nothing to do with the public offer made by the UB group of companies to purchase the shares of SWC, which can proceed in its normal way," the media statement said.