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Binani Cement News
UltraTech Cement Q4 net profit at Rs 1,014 crore
Wed, Apr 24, 2019
UltraTech informed that its result for the quarter and the financial year ended March 31, "are not comparable with the previous period" due to merger of Binani Cements into the company.
Aditya Birla group firm UltraTech Cement bid cleared, set to bag Binani Cement, Dalmia Bharat gets snubbed
Thu, Nov 15, 2018
UltraTech is set to bag Binani Cement, with the National Company Law Appellate Tribunal (NCLAT) on Wednesday approving the revised bid of Aditya Birla group firm UltraTech Cement while rejecting the earlier preferred offer of Dalmia Bharat group as discriminatory.
Binani Cement sale: UltraTech back in the race after hiccup
Thu, May 03, 2018
UltraTech’s revised bid needs to be submitted within three days to the resolution professional for consideration of the Committee of Creditors (CoC) and the whole process, which might involve getting fresh bid from Dalmia, has to be completed by June 24, about two months extension from the statutory 270-days deadline for insolvency resolution.
Bhushan Steel sale: Liberty House back in race; UltraTech hopes up too in Binani Cement case
Tue, Apr 24, 2018
Liberty House Group Pte had earlier filed an application with the NCLT with a prayer to declare illegal, a decision of the CoC of Bhushan Power and Steel which had refused to entertain an application for resolution plan submitted by Liberty in February.
Binani Cement sale: UltraTech offer splits creditors; resentment rises over Dalmia Bharat bid
Tue, Apr 17, 2018
The company had earlier emerged as the second highest bidder for the Braj Binani group’s cement asset. With the new offer now coming in from UltraTech, there is growing resentment at the Dalmia Bharat’s bid, which was earlier cleared as the highest by the Committee of Creditors. A Dalmia Bharat official, however, told DNA Money that rebidding is out of the question
Binani creditors' forum seeks forensic audit of resolution
Sun, Apr 15, 2018
The Binani Operational Creditors Forum has filed a petition in the Supreme Court calling for a forensic audit of the process. The petition will come up for hearing next Thursday. Binani Cement owes about Rs 7,000 crore to financial and operational creditors. Even though Dalmia Bharat, with its offer of Rs 6,350 crore, had been voted as the highest bidder by lenders, things took a turn when Binani Industries approached UltraTech to buy out its stake in Binani Cement for Rs 7,618 crore, involving 100 per cent payout to both secured and unsecured lenders.
Binani Cement-UltraTech deal gets big boost from small investors
Wed, Apr 11, 2018
Braj Binani group flagship company Binani Cement had on Monday knocked at the door of the Supreme Court, bypassing the National Company Law Tribunal to prevent the sale of the cement company to Dalmia Bharat as it prefers an out-of-court deal with UltraTech.
Lenders to sell Binani Cement? Braj Binani group turns to SC for relief
Tue, Apr 10, 2018
The reason behind the Braj Binani group flagship company to take this extraordinary step to knock at the door of the Supreme Court bypassing the National Company Law Tribunal (NCLT) is to prevent the sale of the cement company at a fraction of its perceived value, the company said after making the move
April 13 a crucial day for Binani Cement lenders
Tue, Apr 10, 2018
"April 13 will be a crucial day for us," a Binani Cement lender, who did not wish to be quoted, said. Binani Industries will be seeking redemption of the pledge of assets in the debt-ridden Binani Cement, a move supported by its lenders. A Binani spokesperson had said that they have lenders' support on the move.
CCI clears UltraTech's acquisition of Binani Cement
Wed, Mar 28, 2018
The Competition Commission of India (CCI) in a tweet today said it has not found any "appreciable adverse effect on competition (AAEC) in respect of UltraTech Cement's proposed acquisition of 100 per cent shares of Binani Cement." Binani Industries Ltd (BIL) -- the promoter firm of BCL -- had approached UltraTech for arranging funds to pay off the lenders.
Aditya Birla Group's UltraTech Cement likely to get support from Binani creditors
Tue, Mar 20, 2018
UltraTech had said that Binani Industries Ltd (BIL) - the promoter firm of BCL - had approached it for arranging funds to pay off the lenders. "As a creditor, we support the UltraTech offer as it offers a better deal for us," an official from a lead creditor told PTI
Panama Papers data revealed!
Tue, May 10, 2016
Earlier today, the US-based organisation said the release "will not be a 'data dump'" of the sort the Wikileaks group became known for.