SEBI Approaches Supreme Court Against SAT's Ruling Favoring Diageo

SEBI Approaches Supreme Court Against SAT's Ruling Favoring Diageo

Serves notice to the United Spirits

The Securities and Exchange Board of India (SEBI) has appealed before the Supreme Court against a Securities Appellate Tribunal (SAT) ruling overturning SEBI’s July 2023 order.

The matter pertains to a 2012 open offer made by Diageo, the parent company of United Spirits Limited, to the company's shareholders.

SEBI has served a notice to United Spirits against SAT’s order, which allowed Diageo’s appeal and quashed SEBI's June 2019 order.

In the exchange filing, United Spirits stated, "To reiterate, neither SAT's order nor SEBI's appeal has any operational implications for or any other impact on the company. This disclosure is made in the interest of transparency.”