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More time in bids for Herbertsons

New Delhi, Nov. 3: The Mallya-owned UB Group and the Kishore Chhabria faction — rival groups vying to take over liquor maker Herbertsons — agreed in the Supreme Court today to extend the date for competitive bidding for the shares in the company.

A three-judge bench of chief justice V. . Khare, justices S. B. Sinha and A. R. Lakshmanan allowed a common request made by counsel for the Chhabrias, Fali Nariman, and for Vijay Mallya's UB group Kapil Sibal to advance dates for bidding of Herbertsons' shares.

The written request said, “To enable the contesting groups to resolve all disputes, it is prayed that the schedule of dates for major activities of the offer and counter-offer be revised.”

The apex court advanced the last date of revision of the offer price and the competitive bid and the number of shares to January 15 and the last date for withdrawal of acceptance to January 27.

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