Binani Cement takeover: UtraTech gets CCI approval, Dalmia Bharat claims highest bid
Kolkata: Amid the ongoing battle for taking over insolvent Binani Cement, UltraTech Cement on Wednesday said it has obtained the Competition Commission of India's (CCI) approval on its bid for the debt-laden company while rival bidder, Dalmia Bharat said the reasons cited by the former for its bid were "misleading".
"A lot of apprehensions were raised by the Resolution Professional about UltraTech obtaining the CCI clearance on its bid for Binani Cement. CCI has today (Wednesday) cleared it. The company was rated the H2 bidder instead of H1 (highest bidder), for this reason," the Aditya Birla group company said in a regulatory filing.
According to it, the CCI clearance validates its contention that "they were wrongly and unjustifiably rated H2 instead of H1".
Rejecting this, Dalmia Cement (Bharat) Limited's Group CEO Mahendra Singhi said: "The reasons cited by the unsuccessful bidder for its failed bid, in stock exchange filings and press interviews, are misleading. We have made the highest financial bid and had also obtained the highest score in the evaluation."
He said the evaluation criteria for the bids was fair and made known to all the bidders before the bids.
"We state emphatically that the likelihood of obtaining the CCI approval by a bidder was not at all a criterion in bid evaluation. In fact, CCI approval was contemplated to be a post NCLT approval step and hence had been made a carved-out condition precedent to the resolution plans of all the resolution applicants," Singhi said.
He also said "the only criteria involving regulatory orders was whether any adverse regulatory order including an adverse CCI order imposing penalties had been passed against the bidder over the last 5 years".
"No evidence has been cited to show that the COC (Committee of Creditors) and its advisors did not make a correct assessment of bids," Singhi said.
During the ongoing insolvency proceedings of Binani Cement, Resolution Professional Vijaykumar V Iyer, submitted the resolution plan of Dalmia Bharat-controlled Rajputana Properties before the Kolkata bench of National Company Law Tribunal as the "highest bidder" to take it over.
Binani Industries, the parent company of insolvent company, had submitted the application before the tribunal seeking termination of insolvency proceedings against its cement manufacturing subsidiary and the company's counsel had said on Tuesday it could pay all its creditors within two weeks.
The move came after the company concluded a commercial understanding with the UltraTech Cement to sell its entire 98.43 per cent stake in its cement manufacturing subsidiary at a consideration of Rs 7,266 crore.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Surjewala slams Pratap Simha’s ‘vile’ remarks on CM Siddaramaiah, demands apology from BJP
Bengaluru (PTI): Congress general secretary and Karnataka in-charge Randeep Singh Surjewala on Saturday launched a sharp attack on the BJP over alleged disparaging remarks made by former Mysuru-Kodagu MP Pratap Simha against Chief Minister Siddaramaiah during an assembly bypoll campaign in Bagalkote.
Simha made the remarks while campaigning for BJP candidate Veerabhadrayya Charantimath, triggering a political row ahead of the by-elections scheduled for April 9.
Congress has fielded Umesh Meti, son of former MLA late M Y Meti, whose death necessitated the bye-election.
"Pratap Simha's vile remarks about Chief Minister Siddaramaiah in Bagalkot have exposed the BJP's despicable politics once again," Surjewala said in a social media post.
Alleging a larger political design, he added, "It is increasingly evident that Pratap Simha’s outburst is driven by desperation," and accused the BJP of using such remarks to target backward classes, Scheduled Castes, and minorities.
The Rajya Sabha member further claimed that the incident reflects a pattern within the party. "This is not one man's madness—it is the BJP’s political culture," he said, adding that the remarks were aimed at "denigrating leaders from marginalised communities".
Referring to past incidents, Surjewala said, "CM Siddaramaiah and his deputy D K Shivakumar have received death threats in the past, including one from BJP leaders who warned that their bodies would be stuffed into a refrigerator."
The Congress leader also criticised the BJP’s bypoll campaign strategy, alleging "internal contradictions".
He pointed to the party’s use of expelled MLA Basanagouda Patil Yatnal in campaigning despite earlier disciplinary action against him, accusing the BJP of resorting to "abuses and indignities" against opposition leaders.
Surjewala demanded immediate action from the BJP leadership, including Prime Minister Narendra Modi, BJP national president Nitin Nabin, state president B Y Vijayendra, and Leader of Opposition R Ashoka.
He said they must tender a public apology to Kannadigas, particularly to OBCs, SCs, and minorities, over the remarks, and urged the party to expel Simha if it does not repudiate his statements.
Surjewala also called for legal action, demanding that an FIR be registered against Simha and that strict measures be taken.
Warning of "political consequences", he said the electorate in the bypoll-bound constituencies would respond decisively if the BJP failed to apologise, asserting that voters would "teach the BJP a befitting lesson" in the elections.
There has been no immediate reaction from the saffron party yet.
