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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I enjoy being a finisher for my team: Ashutosh Sharma
Jaipur (PTI): Delhi Capitals batting all-rounder Ashutosh Sharma said he relishes his role as a finisher after his side snapped a three-match losing streak with a seven-wicket win over Rajasthan Royals in an IPL match here.
Ashutosh struck an unbeaten 25 off 15 balls, hitting four boundaries, as Delhi successfully chased down a daunting 226-run target with five balls to spare on Friday.
"I enjoy being a finisher for my team. The team has trusted me to bat in these situations and I enjoy playing in these moments. I always feel that as long as I am at the crease, I can win the game for my team," Ashutosh said at the post-match press conference.
Chasing a stiff total, Delhi were laid a solid foundation by KL Rahul and Pathum Nissanka, who stitched together a 110-run opening partnership.
"In T20 cricket nowadays, a lot depends on the opening partnership and the powerplay. Our openers played really well and because of that we were in the game throughout and could take it till the end," Ashutosh said.
Delhi’s overseas pace duo of Mitchell Starc and Kyle Jamieson had earlier set the tone by removing Rajasthan's explosive openers Yashasvi Jaiswal and Vaibhav Sooryavanshi inside the first two overs.
"We wanted to get their opening partnership out early, as they have been doing well in previous matches. That was our plan and it worked, which was good for us."
Meanwhile, Rajasthan Royals batting coach Vikram Rathour admitted that poor execution with the ball cost his side the match.
"The bowlers couldn't execute their plans again today. 226 we felt was enough on this surface, they should have been able to defend that.
"When you are defending that kind of total it is important to have a good powerplay. We gave away lots of runs and didn't take any wicket," he said.
Despite the defeat, Rathour drew positives from the batting effort, particularly the response after the early loss of openers. Skipper Riyan Parag led from the front with a 90 off 50 balls, while Dhruv Jurel contributed 42.
"We were consistently getting good starts. Both our openers were doing well for us in every match. So, this was the first time that both got out early. So as a team, I think it was important how we came out of that situation and how we played.
"The way Riyan and Jurel batted at that time, the partnership they built, and the way Donovan finished it, it was really good to see," Rathour said.
