UB group chairman Vijay Mallya on Monday indicated that he would not shy from raising his offer price for Herbertsons from the existing Rs 200 per share.

"Under the Securities and Exchange Board of India guidelines, we have ample time to increase UB's offer (price). We will take necessary steps to bring this issue to a decisive end," Mallya said in a statement issued on Monday.

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Earlier in the day, UB counsel Shanti Bhushan said in the Supreme Court that the company is prepared to raise its offer price and it would match every offer made by the rival camp of Kishore Chhabria.

Mallya's plea against the SAT order, which asked Chhabria to make an open offer for Herbertsons, came up for a hearing on Monday.

The court has scheduled the next hearing for 17 October. The court granted a long adjournment as the two offers close in November. All transactions will be subject to the final orders of the Supreme Court.

Taking on Chhabria over his offer price, Mallya said: "I have seen Chhabria's revised offer. It is structured in a complicated manner, to say the least. Imputed or assumed net value to shareholders does not augur for transparency. Our offer is crystal clear with a clearly stated price of Rs 200 per share for 42.5 per cent of the equity of Herbertsons. If Kishore feels that his offer is better, let him announce a price of Rs 210 per share and pay the interest separately in addition."

Meanwhile, Sebi, which was asked by the Supreme Court to be present in today's hearing, stuck to its earlier judgement that Chhabria's acquisition of 19.71 per cent Herbertsons shares was illegal.

Accordingly, Sebi had asked Chhabria as well as Mallya to reduce their stake in the company by offering the shares to the public.

However, Chhabria appealed to SAT against this order, which last month asked him to make an open offer and pay an interest of 15 per cent to all Herbertsons shareholders who have held the stock since 1995.

Chhabria subsequently announced an offer at Rs 90.50 per share, to which Mallya has made a counter offer at Rs 200 per share.