Rajputana Properties, a group company of Dalmia Bharat, has approached the Supreme Court, seeking review of the apex court’s judgment which had dismissed its plea challenging the National Company Law Appellate Tribunal’s (NCLAT) order allowing UltraTech Cement to acquire the bankrupt Binani Cement. Bringing to an end to the long drawn-out legal battle between UltraTech Cement and Dalmia Bharat over the acquisition of Binani Cement, a Supreme Court bench of justices RF Nariman and Navin Sinha on November 19 dismissed Rajputana Properties’ appeal against the NCLAT order, which had allowed Aditya Birla Group flagship UltraTech Cement to acquire Binani Cement (BCL) by approving its revised Rs 7,950.34 crore bid. The cement major’s outgo to acquire the bankrupt firm was higher since the company continued to pay the financial creditors interests.
The Supreme Court is scheduled to take up on January 8 Rajputana’s review petition for hearing. Following the ruling of the apex court on November 19, BCL, which had been a subsidiary of Binani Industries, became a wholly-owned subsidiary of UltraTech Cement. After the re-constitution of its board, BCL was renamed as UltraTech Nathdwara Cement (UNCL). According to legal experts, after the apex court dismissed its plea Rajputana Properties (RPPL) has no option but to file a review petition. When contacted, Dalmia Cement (Bharat) group managing director and CEO Mahendra Singhi said he was not aware of the petition filed in the Supreme Court.
Source: Financial Express, January 6, 2019