Citing the Kolkata bench of NCLT’s observations on March 27 as a suggestion and not an order of the Tribunal, the Committee of Creditors (CoC) of Binani Cement, which is facing bankruptcy proceedings, has decided not to...
CCI approves UltraTech’s acquisition of Binani Cement for Rs 72.66 bn
The Competition Commission has cleared UltraTech Cement’s bid to acquire Binani Cement, pursuant to the insolvency proceedings. UltraTech Cement last week said it will buy loan defaulter Binani Cement’s...
Binani acquisition: Resolution cost for takeover process exceeds Rs 1 bn
As the battle for the acquisition of Binani Cement rages on, with around 14 petitions submitted by stakeholders at the National Company Law Tribunal’s (NCLT’s) Kolkata Bench, the resolution cost for the takeover process...
Hopes afloat for Dalmia Bharat in bid to acquire Binani Cement
Hopes seem to have brightened for the Dalmia Bharat Group in its quest to acquire Binani CementBSE 0.06 %, after the Committee of Creditors (CoC) today downplayed the alleged fraud by Binani’s promoters, saying it...
Exim moves NCLT for value maximisation from Binani’s resolution process
Exim Bank, one of the unsecured lenders to bankrupt Binani Cement, has moved a petition in the Kolkata bench of the National Company Law Tribunal (NCLT), seeking to maximise value for itself from the resolution process...
Dalmia Bharat, UltraTech remain keen in Binani despite ‘fraud’
The takeover war for Binani CementBSE 0.06 % between Dalmia Bharat group and UltraTechBSE -0.51 % declines to ease as both the bidders remain unperturbed despite the revelation of alleged fraud on the stressed asset...
What explains UltraTech’s desperation to buy Binani Cement
A tug of war between UltraTech Cement Ltd and Dalmia Bharat Ltd over the acquisition of Binani Cement Ltd’s assets has intensified. In the latest twist, UltraTech Cement has offered to pay Rs7,266 crore to acquire...
Resolution plan for Binani Cement submitted to NCLT: Dalmia Bharat Group
Dalmia Bharat Group today said its Rs 6,350 crore bid for the debt-ridden Binani CementBSE 0.06 % (BCL) has been submitted by the resolution professional (RP) before the National Company Law Tribunal (NCLT) for approval...
Bankruptcy case: UltraTech to pay Rs 73 bn for 98% stake in Binani Cement
It was a day of high drama in the Binani Cement bankruptcy case with promoter Binani Industries entering into an agreement to sell the cement company’s shares to UltraTech Cement, even as the National Company Law...
Binani Industries steps up pleas against its cement unit resolution
Binani Industries will be moving a contempt application against the resolution professional (RP) and his assistant in the Delhi Bench of the National Company Law Appellate Tribunal (NCLAT), alleging non-compliance to a...
Consolidation will help cement makers tackle excess supply: JK Cement chief
Consolidation will help set right the supply overhang in the cement industry where profitability and capacity utilisation have remained subdued, Yadupati Singhania, chairman of JK CementBSE -0.62 %, told ET...
Dalmia Bharat set to buy Binani Cement; Ultra Tech likely to challenge deal
After a series of controversies, the consortium led by Dalmia Bharat Cement has received final approval from the Committee of Creditors (CoC) of Binani Cement to acquire the firm for Rs 67 billion, which includes a...
