UBHL submits audited accounts statement of share sale to HC

Vijay Mallya-headed United Breweries Holdings Limited (UBHL) today submitted its audited statement of accounts related to a stake sale deal before the Karnataka High Court.
Justice Ram Mohan Reddy had on September 17 ordered the submission of a complete audited statement consisting of UBHL's United Spirits Limited stake sale to global spirits major Diageo Limited as BNP Paribas had alleged that some of the proceeds of the sale was taken out of the country.
After UBHL submitted the audited statement, Justice Reddy sought the reply of BNP Paribas before posting the case for next hearing on October 21.
Justice Reddy had expressed deep displeasure over UBHL submitting a certificate of auditors instead of the audited statement of accounts of repayments, expenses and taxes, among others, vis-a-vis the sale of shares of United Spirits Limited to Diageo as directed by the court on May 24.

On September 16, the court had directed Mallya to personally appear with his passport before it on September 17 for not adhering to its direction, but kept its order in abeyance for a week after the company promised to submit its audited statement of accounts relating to the share-sale deal.