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.
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M Chinnaswamy Stadium gets Karnataka govt nod for hosting IPL 2026 matches
Bengaluru (PTI): The Karnataka government on Monday gave formal approval to the Karnataka State Cricket Association (KSCA)and Royal Challengers Bengaluru (RCB) to host the 2026 Indian Premier League matches at the M. Chinnaswamy Stadium, ending months of uncertainty following the stampede after the team's maiden title win.
The 19th edition of the world's biggest T20 league begins on March 28 with defending champions Royal Challengers Bengaluru set to face Sunrisers Hyderabad in their first match here at the M Chinnaswamy Stadium in the tournament opener, as per the schedule.
The formal approval comes after a meeting chaired by Karnataka home minister Parameshwar with the Expert Committee, which was constituted by the state government, and representatives from the KSCA, RCB and their event management firm DNA.
"During the meeting, the Expert Committee presented its report outlining the preparedness and compliance measures undertaken at the M. Chinnaswamy Stadium," KSCA's official spokesperson Vinay Mruthyunjaya informed in a statement.
"Based on the recommendations of the Expert Committee and after reviewing the arrangements in detail, the Hon’ble Home Minister has formally accorded approval for the conduct of the upcoming IPL matches at the iconic M. Chinnaswamy Stadium, Bengaluru."
"The Karnataka State Cricket Association (KSCA) places on record its sincere gratitude to the Hon’ble Home Minister, Dr. G. Parameshwar, for his leadership, guidance and support in facilitating this approval," he added.
Apart from the opening fixture of the upcoming season , the M Chinnaswamy Stadium is also slated to host the RCB Unboxing event as well as the tournament's opening ceremony.
RCB had earlier announced that it would play five of their seven home matches in Bengaluru, while two will be played at Raipur's Shaheed Veer Narayan Singh International Cricket Stadium.
The KSCA also expressed its gratitude towards the members of the Expert Committee.
"Our special thanks are also due to Shri Sreemant Kumar Singh, Member Secretary of the Expert Committee and Commissioner of Police, Bengaluru, for his proactive coordination and for ensuring that all safety, security and operational aspects were comprehensively evaluated,” the release said.
"KSCA further expresses its sincere appreciation to all the distinguished members of the Expert Committee and the officials associated with the Expert Committee and its sub-committees, whose careful assessment and constructive recommendations have been instrumental in enabling this important decision."
