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Indian Supreme Court bounces Binani Cement insolvency case to National Company Law Appellate Tribunal 02 July 2018
India: The Supreme Court has ordered the National Company Law Appellate Tribunal (NCLAT) to adjudicate upon all issues relating to the Binani Cement insolvency case, including whether Ultratech Cement’s bid for the company is eligible. The case will be heard by the appeals tribunal from mid-July 2018, according to the Mint newspaper. The NCLAT is the body that processes appeals from the National Company Law Tribunal, a legal body that adjudicates disputes between companies.
UltraTech Cement made a direct bid of US$1.12bn for the bankrupt Binani Cement following an auction in March 2018 that was originally won by Dalmia Bharat. Dalmia Bharat has disputed UltraTech Cement’s offer and the two companies have conducted legal campaigns to reinforce their respective claims.
France/Syria: Lafarge SA, a subsidiary of LafargeHolcim, has been placed under judicial investigation over its actions in Syria between 2011 and 2014. It has been accused of complicity in crimes against humanity and financing terrorism, according to the Agence France Presse.
LafargeHolcim said that would appeal against the charges. It admitted that the system of supervision of its Syrian subsidiary did not allow the company to identify wrongdoing. However, it blamed this on “…an unprecedented violation of internal regulations and compliance rules by a small group of individuals who have left the group.”
“We truly regret what has happened in the Syria subsidiary and after learning about it took immediate and firm actions. None of the individuals put under investigation is today with the company,” said the chairman of the board of LafargeHolcim, Beat Hess.
Non-government organisation (NGO) Sherpa, one of the plaintiffs in the case, said it was the first time that a parent company anywhere in the world had been charged with complicity in crimes against humanity. A panel of three judges in Paris has ordered Lafarge to pay over Euro30m as a security deposit ahead of the trial. Eight former executives, including ex-chief executive officer (CEO) Bruno Lafont, have already been charged in connection to the investigation.
India: UltraTech Cement has commissioned a 1.75Mt/yr grinding unit at its Manawar plant in Dhar District, Madhya Pradesh. The main part of the 2.5Mt/yr integrated plant was commissioned in April 2018. A 13MW waste heat recovery unit is also being built at the site.
Wuhu suspends cement production for six days 29 June 2018
China: The city of Wuhu has suspended cement production for local producers for six days. Anhui Conch, South Cement and Leida Cement have all been affected, according to Hexun. Local production is expected to drop by 0.5Mt/yr.
Cemex Colombia to grow additives production in 2018 29 June 2018
Colombia: Cemex Colombia plans to grow its additives production to 9.7ML in 2018. The building materials producer says it is the only local manufacturer of producing aggregate, cement and additives, according to the La Republica newspaper. It produces additives to enhance the properties of cement and concrete. It also supplies additives to other companies with around 11% aimed at third parties in Latin America.