Binani Cements

The Ahmedabad bench of NLCT approved the ArcelorMittal's Rs 42,000 crore resolution plan, rejecting the Ruias settlement offer of Rs 54,389 crore.

The Supreme Court on Monday dismissed the plea of a Dalmia Bharat Group firm challenging the National Company Law Appellate Tribunal (NCLAT) order allowing rival UltraTech Cement to acquire debt-ridden Binani Cement.

Dalmia Bharat and a fund backed by Bain Capital and Piramal Enterprises had bid for Binani Cement.

Dalmia Bharat had said it will not revise its offer,which was lower by about Rs 1,100 crore.

Revised bid of UltraTech Cement is valued at around Rs 7,900 crore for the debt-laden Binani Cement.

The firm has also asked for termination of insolvency proceedings against Binani Cements.

The bidding process for Binani Cement was overseen by NCLT.

The surprise move by UltraTech will be a test case for the new bankruptcy law.

Binani Cement on Saturday said that it is committed to making payment of the liability and is not in any manner trying to default.

The Competition Appellate Tribunal today adjourned hearing on the plea of 11 cement companies seeking stay on Rs 6,307 crore penalty imposed by fair trade regulator CCI on the grounds of cartelisation.

Binani Industries (BIL) today said its Board has given in-principle approval to divest its holding in subsidiary firm Binani Cement by up to 40 per cent.

CCI keeps gathering information on issues related to cartelisation and if prima facie case is found, then it takes up the issue for further investigation, Minister of State for Corporate Affairs R P N Singh informed the Parliament.

Eleven cement companies will have to pay in excess of Rs 6,000 crore in penalties.

Commenting on the order, Balbir Singh, Partner, DSK legal said that it is a very big dent to the cement industry.

The 11 cement firms will have to pay 0.5 times of their profit for the year 2009-10 and 2010-11.

The Ahmedabad bench of NLCT approved the ArcelorMittal's Rs 42,000 crore resolution plan, rejecting the Ruias settlement offer of Rs 54,389 crore.

The Supreme Court on Monday dismissed the plea of a Dalmia Bharat Group firm challenging the National Company Law Appellate Tribunal (NCLAT) order allowing rival UltraTech Cement to acquire debt-ridden Binani Cement.

Dalmia Bharat and a fund backed by Bain Capital and Piramal Enterprises had bid for Binani Cement.

Dalmia Bharat had said it will not revise its offer,which was lower by about Rs 1,100 crore.

Revised bid of UltraTech Cement is valued at around Rs 7,900 crore for the debt-laden Binani Cement.

The firm has also asked for termination of insolvency proceedings against Binani Cements.

The bidding process for Binani Cement was overseen by NCLT.

The surprise move by UltraTech will be a test case for the new bankruptcy law.

Binani Cement on Saturday said that it is committed to making payment of the liability and is not in any manner trying to default.

The Competition Appellate Tribunal today adjourned hearing on the plea of 11 cement companies seeking stay on Rs 6,307 crore penalty imposed by fair trade regulator CCI on the grounds of cartelisation.

Binani Industries (BIL) today said its Board has given in-principle approval to divest its holding in subsidiary firm Binani Cement by up to 40 per cent.

CCI keeps gathering information on issues related to cartelisation and if prima facie case is found, then it takes up the issue for further investigation, Minister of State for Corporate Affairs R P N Singh informed the Parliament.

Eleven cement companies will have to pay in excess of Rs 6,000 crore in penalties.

Commenting on the order, Balbir Singh, Partner, DSK legal said that it is a very big dent to the cement industry.

The 11 cement firms will have to pay 0.5 times of their profit for the year 2009-10 and 2010-11.