The transfer of shares and assets of Shaw Wallace & Co hit a stumbling block on Thursday, following a Calcutta high court order. The court directed Shaw Wallace to maintain the status quo with regard to its brands. It also recorded the statement of Shaw Wallace's counsel that the company was not going to sell any share of its subsidiary companies.
The court's order is likely to affect UB group Chairman Vijay Mallya's attempt to purchase 25 per cent of Shaw Wallace.
The order was passed following a petition for the recovery of around Rs 45 crore (Rs 450 million) by Visisth Chay Vyapar, a company promoted by a city businessman.
Visisth Chay Vyapar had obtained a decree against Shaw Wallace for over Rs 44 crore (Rs 440 million) in 1997. The counsel for the company alleged that Shaw Wallace was in process of disposing of its assets and properties systematically.
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