UB (Holdings) Ltd., on Friday, informed the Karnataka High Court that the Reserve Bank of India (RBI) had given its consent for selling UB Spirits’ shares to British liquor giant Diageo Plc.

A statement in this regard was made during the hearing of the UBHL’s liquidation plea and the petitions filed by some companies for recovery of dues from UBHL and its subsidiaries.

Appearing for UBHL, senior counsel Uday Holla submitted that the Competition Commission of India and Securities and Exchange Board of India (SEBI) had already given their consent, and with the RBI’s recent approval, the company would be able to get the fund flow from the sale of UB Spirits share.

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