Binani Cement’s creditors to consider UltraTech’s revised offer

The Committee of Creditors of Binani Cement has called for an urgent meeting of promoters, financial creditors, operational creditors on Thursday to consider the enhanced revised offer of ₹7,840 crore placed by the Aditya Birla Group company UltraTech Cement. The meeting will also consider appointment of Umesh Lathi as Chief Financial Officer of Binani Cement and fix remuneration for his services rendered from January. This will be the 16th meeting of the committee, who are trying to sell Binani Cement’s asset to recover their dues.

Video conferencing

Given the short notice for the meeting, the resolution professional has arranged for video conferencing and other audio and visual means for participants, said sources. If any participant attending the meeting through video conferencing, they have to mention the location from where they wish to attend with the relevant IP address, at least 12 hours before the meeting, he said. Those attending the meeting through video conferencing or other means will also be considered as part of quorum for the meeting, he added.

The CoC meeting comes after the National Company Law Tribunal (NCLT) direction to consider UltraTech Cement even though it was submitted after Dalmia Bharat was declared the highest bidder for the stressed Binani Cement asset. Meanwhile, Dalmia Bharat has filed a petition in the National Company Law Appellate Tribunal seeking a stay on NCLT order to consider UltraTech bid. While admitting the petition for hearing, NCLAT rejected the plea for an interim stay. The petition is coming up for hearing on May 22. Though the stressed Binani Cement asset had attracted interest from over 20 companies, the final contest had boiled down to UltraTech Cement and Dalmia Bharat. UltraTech first offer was tad lower at ₹6,500 crore compared to Dalmia Bharat’s ₹6,700 crore.

However, UltraTech revised to higher to ₹7,300 crore and finally to ₹7,840 crore.

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