UBL and the beer industry in general, has been facing unfavourable macro-climate since 3 years (Q1 disruption). With still stressed beer sales, UBL would have to shore up further debt (|115 cr LTD in FY21) to deposit the penalty. The scenario if undertaken, is expected to create near and medium term challenges for the company. UBL can however, appeal to the Supreme Court of India within 60 days...