Binani Cement now arm of UltraTech
UltraTech Cement cleared all dues owed to creditors of Binani Cement last month and took possession of the latter's units in India, UAE and China. The board of directors of Binani Cement has been reconstituted, with the company now a whollyowned subsidiary of UltraTech, the latter has informed the Bombay stock exchange. This follows the Supreme Court's ruling last month, which approved UltraTech's resolution plan in this regard. It had dismissed the rival contention from Rajputana Properties, a Dalmia Bharatled consortium, which had challenged the selection of UltraTech's by the NCLAT. The NCLAT had okayed UltraTech's offer of
Rs 7,950 crore, dismissing Rajputana Properties' Rs 6,932-crore offer.