In a setback for Ultratech, the Supreme Court on Friday refused to allow out-of-court settlement for Binani Cement bankruptcy case.
UltraTech Cement had informed the stock exchanges that it had obtained the Competition Commission of India’s (CCI) approval for its bid for the under-debt company and the company claimed 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 had claimed: “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 …
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