The Hindu Business Line : SWC-Modi issue: High Court stays UB, Jumbo deal

THE deal between Vijay Mallya's UB Group and the Jumbo World Holdings' Shaw Wallace & Co, which was struck on Monday, was stayed by Mr Justice Kalyan Jyoti Sengupta of the Calcutta High Court on Tuesday.

Mr Justice Sengupta passed an interim order directing Shaw Wallace to maintain status-quo with regard to the usage of the brand name and trade mark.

This order was passed because Shaw Wallace is yet to complete the terms of the settlement with one Mr R.R. Modi.

In the proposed terms of settlement Shaw Wallace was supposed to transfer two flats at Worli, Mumbai to Mr R.R. Modi towards part payment of the settlement amount of Rs 57 crore. It was proposed in the settlement that the rest amount to be paid to Mr Modi after the sale of beer business of Shaw Wallace. The payment was supposed to be made after selling the beer business of the company within seven days.

Shaw Wallace is expected to file its reply before the appeal court on Wednesday.

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