SC upholds sale of Binani Cement to UltraTech

New Delhi, November 19 

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.

A Bench of justices RF Nariman and Navin Sinha upheld the NCLAT’s last week order which had allowed the Aditya Birla group firm to acquire Binani Cement by approving its revised Rs 7,950.34 crore bid over an offer by Rajputana Properties.

The Bench said there was no infirmity in the NCLAT’s order.   The NCLAT had approved UltraTech’s resolution plan for Binani and rejected the resolution plan submitted by Dalmia Bharat’s Rajputana Properties by terming it “discriminatory” and “unbalanced”.

The top court’s order came on a plea by Rajputana Properties against the NCLAT order. — PTI