Below is the edited transcript of Deepak Roy, executive vice chairman and CEO, Allied Blenders & Distillers' interview to CNBC-TV18.
Q: Can you give us details on the contours of the settlement and the amount of settlement? What are the different disputes and the litigations that will be withdrawn from the court once the settlement goes through?
A: The settlement has already been signed and the settlement amount is Rs 8 crore. Basically, there are three broad cases, first in Calcutta High Court which pertains to the transfer of shares of Breweries and Distilleries Ltd. (BDA) to the KRC Group of Companies. Second, ownership of brand Officer's Choice case and third case was regarding the estate of Manu Chabbria, who died intesrarte and Mrs Chabbria had demanded her share of the estate, which essentially meant the proceeds of the sales of Shaw Wallace shares to United Spirits.
Q: As a part of your agreement all three cases will be withdrawn. By when do you expect approval on the consent order that has been sent to Calcutta High Court?
A: We are expecting approved consent from the Calcutta High Court by tomorrow.
Q: The settlement amount lower than expected. The market was estimating at least Rs 50-60 crore?
A: I don't know on what basis did the market arrived at a figure higher than Rs 8 crore. It was not the case where the ownership of Officers Choice or BDA was at risk. We were never concerned that Officers Choice or BDA could be a loss. I think this is a fair settlement amount and both parties are happy with this.
Q: By when will United Spirits get their total settlement amount and how do you plan to fund this amount. A case was also going on in the Calcutta High Court pertaining to raising funds Officers Choice. Are now allowed to raise funds and change the shareholding pattern of ADB as now the settlement has happened?
A: As far as raising funds was concerned, the Calcutta High Court had given an order about 10-12 weeks back where they had allowed us to raise money for growth capital as long as Chhabria remains the shareholder of the company. So, there was no issue regarding raising money. As and when we are ready to raise money we could raise then or we can raise now. As there are no cases now we don't need to get any clearance from anyone.
Q: By when will the settlement amount go to United Spirits?
A: Once we receive the final court orders that all cases have been withdrawn, the money would be released from an escrow agent.
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