Dive Brief:

• United Spirits, the largest distiller in India, has delayed legally required filings of its financial statements. It's the third such delay the company has announced in recent weeks.
• The company's audit committee has said it is seeking "certain clarifications and information." 
• The delays, and the resulting concern among investors, comes at a particularly inopportune time: Diageo, the world's largest distiller, just spent $1.9 billion to become United Spirits' majority shareholder. 

Dive Insight:

India's Business Standard newspaper suggests that the problem involves loans made by the company to an airline controlled by the man who once controlled United Spirits. 

Diageo has spent years working with United Spirits, and when Diageo made its move to take over, it valued United Spirits at a whopping and shocking 39 times Ebitda. Many would think that Diageo's team would have crossed every "t" and dotted every "i" a dozen times before deciding that United Spirits justified a multiple like that.