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News Supreme Court backs National Company Law Appellate Tribunal on UltraTech’s bid for Binani Cement

Supreme Court backs National Company Law Appellate Tribunal on UltraTech’s bid for Binani Cement

Written by Global Cement staff 20 November 2018
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India: The Supreme Court has upheld a decision by the National Company Law Appellate Tribunal (NCLAT) to approve a revised US$1.11bn bid for Binani Cement. The court rejected a challenge by Rajputana Properties, a subsidiary of rival bidder Dalmia Bharat group, according to the Hindu newspaper. UltraTech Cement made a direct bid for the bankrupt Binani Cement following an auction in March 2018 that was originally won by Dalmia Bharat. Dalmia Bharat disputed UltraTech Cement’s offer and the two companies have conducted legal campaigns to reinforce their respective claims.

Last modified on 21 November 2018
Published in Global Cement News
Tagged under
  • India
  • Legal
  • National Company Law Appellate Tribunal
  • UltraTech Cement
  • Binani Cement
  • Rajputana Properties
  • Dalmia Bharat
  • Bid
  • Acquisition
  • GCW380

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