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Mallya meets Kishore

Mumbai, Aug. 5: Chastened by the SAT order, the two warring liquor barons have returned to the negotiating table.

UB group chairman Vijay Mallya met Kishore Chhabria to iron out differences and chalk out a plan to end the fractious battle for the control of Herbertsons. Mallya was in town to attend the Bayer CropScience AGM. “It will take a few more weeks,” a UB group spokesperson said. He confirmed that Mallya had met Chhabria today.

Industry sources believe the two sides have almost reached an agreement whereby Mallya would acquire Chhabria’s entire stake in Herbertsons and in turn would give up BDA, Herbertsons’ wholly-owned subsidiary.

Last week, the Securities Appellate Tribunal (SAT) regularised Chhabria's 47 per cent stake and directed him to make an open offer for another 20 per cent in Herbertsons.

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