While most attention on Heineken's results yesterday focused on the weak state of the British beer market, another aspect of the Dutch group's top-of-the-market takeover of Scottish & Newcastle last April is also worth a look.

As part of the takeover, Heineken inherited S&N's partnership in United Breweries, India's biggest brewer. Vijay Mallya, UB's co-owner, insists that Heineken may not be a shareholder in both UB - famous for Kingfisher - and its rival, the Singapore-based Asia Pacific Breweries, whose Tiger brand launches in India this summer.

Mr Mallya argues that the partnership was rendered void by the S&N takeover and refuses even to give Heineken financial details on UB. This explains why the Dutch group yesterday wrote down the value of its stake in UB by €200 million (£176 million) to €117 million.

That's only one side of the story, though. Mr Mallya is also trying to persuade Diageo to pay more than it is inclined for a minority stake in his United Spirits. He needs the money badly, having borrowed aggressively to buy Whyte & Mackay, the Scottish spirits business, with nearly 18 per cent of US stock apparently having been pledged to various lenders. Diageo, naturally, is playing hardball.

All this makes Mr Mallya look like a man fighting on two fronts and it is to be hoped, therefore, that Kevin Pietersen, former England cricket captain, who has just signed up for Mr Mallya's Bangalore Royal Challengers in the Indian Premier League, has cashed his $1.5 million cheque. But not in an account with Stanford International Bank.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive