Dalmia raises further objections to UltraTech’s bid to buy Binani

Dalmia raises further objections to UltraTech’s bid to buy Binani
11/05/2018 , by , in ALLIED

Dalmia Bharat has written to the lenders and the resolution professional of Binani Cement, alleging that UltraTech “seemingly” is ineligible to bid for the stressed asset for acting “in concert” with the promoters Binani Industries.

As loan defaulters, the Binani promoters are themselves barred from bidding under the clause. However, both UltraTech and insolvency lawyers have refuted the allegation and said that the ground for being disqualified under the cited law is unfounded.

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