Dalmia Bharat won’t revise offer, will move NCLAT if UltraTech plan okayed
Unwilling to budge on its Rs 65.89 billion takeover offer of the stressed assets of Binani Cement, the Dalmia Bharat Cement-led consortium, which previously won the bid, will move the National Company Law Appellate Tribunal (NCLAT) if the Kolkata bench of the NCLT gives approval to the UltraTech Cement’s offer. On Tuesday, the appellate tribunal rejected Dalmia Bharat’s plea to maintain the status quo on the ongoing tussle between itself and the Aditya Birla Group firm for the acquisition of Binani Cement.
Cabinet may consider amendments to Insolvency & Bankruptcy Code today
The Cabinet is likely to consider amendments to the Insolvency and Bankruptcy Code (IBC) on Wednesday. The government plans to promulgate an Ordinance to give effect to these changes since Parliament is not in session, sources said. A draft note circulated to various stakeholders says it is looking at treating homebuyers on a par with financial creditors in legal rights of insolvent firms. This was also a recommendation of a committee, set up to review the insolvency law under the chairmanship of Corporate Affairs Secretary Injeti Srinivas.
Insolvency: NCLAT puts on hold resolution process for Essar Steel
The National Company Law Appellate Tribunal (NCLAT) has put on hold the resolution process for Essar Steel. The appellate tribunal has asked the resolution professional, Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT) to refrain from passing any order in the matter related to the insolvency resolution of Essar Steel, including liquidation. The stipulated 270-day deadline for resolution under the Insolvency and Bankruptcy Code (IBC) for Essar Steel ended on April 29.
NCLAT adjourns hearing for Binani Cement till July 10
Lenders are free to submit a resolution plan for Binani Cement for approval in the National Company Law Tribunal (NCLT), keeping up with the due process of insolvency resolution of stressed cement assets, the appellate tribunal ruled on Tuesday, adjourning the hearing to July 10. However, sources close to the development said that Dalmia Bharat will move the National Company Law Appellate Tribunal (NCLAT) if the insolvency tribunal approves the revised bid of UltraTech since Dalmia will not be revising its bid. The final order is awaited.
Fortis: Sebi probes insider trading violation, other regulatory lapses
Regulator Sebi is probing suspected insider trading by some institutional investors and other regulatory lapses at Fortis Healthcare amid a takeover battle and boardroom upheaval at the hospital chain, officials said. Apart from the Sebi probe that also includes investigation into suspected disclosure lapses, the Serious Fraud Investigation Office (SFIO) and registrar of companies are also looking into alleged financial irregularities at Fortis and other promoter group entities including Religare, they added.
About the Author
