Eveready Ind, McLeod Russel restrained from selling assets

Mumbai: The Calcutta High Court has passed an interim order of injunction restraining Eveready Industries India Ltd and McLeod Russel Ltd, which are part of the Williamson Magor Group, from transferring, alienating or encumbering any of its tangible and intangible assets, until the case filed against the group by Infrastructure Leasing and Financial Services is disposed.

IL&FS, which had given a term loan of 1.70 bln rupees to Williamson Magor Group, had filed a case for non-payment of dues.

Eveready Industries and McLeod Russel are in the process of filing an appeal against the interim order because neither of the companies are party to the loan agreement with IL&FS, the companies said in separate exchange filings.

As such, the interim order in unlikely to affect the operations of both the companies.

According to reports, Eveready Industries was looking to sell its battery business and had initiated discussions with potential investors, including Energizer and Warren Buffett's Berkshire Hathaway-owned Duracell Inc.

At 1040 IST, shares of Eveready Industries were down nearly 5% at 57.50 rupees, while those of McLeod Russel were down 3% at 11.30 rupees on the NSE.

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