UltraTech Cement Ltd. has signed an in-principle pact with Binani Industries Ltd. to buy its holdings of a distressed unit as Indias largest cement maker attempts to beat out a Bain-backed consortium, which earlier made the winning bid in ongoing bankruptcy proceedings. UltraTech, controlled by billionaire Kumar Mangalam Birla, said it had agreed to pay…
UltraTech Cement today said it has entered into an agreement with Binani Industries to buy 98 per cent stake in its debt ridden subsidiary Binani Cement Ltd (BCL) which is going through insolvency proceedings. In a filing to the stock exchange, UltraTech said it will issue a comfort letter to provide Rs 7,266 crore to…
Damian Griffiths, the deeply, deeply embattled founder of the previously-swiftly-expanding Doughnut Time chain, owes the ATO a cool $1 million, according to a statement from Worrells Solvency and Forensic Accountants. Raj Khatri had been appointed as trustee of Griffiths bankrupt estate by the debtors. The statement notes that the ATO is Griffiths single biggest creditor: The…
Binani Cement’s journey towards insolvency resolution can be summed up as one step forward, two new speed-breakers ahead. Last week, after the Committee of Creditors (CoC) for the beleaguered firm voted in favour of the resolution plan submitted by the Dalmia Bharat-Bain Piramal Resurgence Fund consortium, two fresh petitions were filed with the National Company…
The trustee appointed to oversee the bankrupt estate of Doughnut Time founder Damian Griffiths says the Australian Taxation Office (ATO) is owed $1 million and other creditors have contributed to loans in the vicinity of $2 million. Raj Khatri of Worrells Insolvency confirmed this afternoon he has been appointed by debtors petition to oversee Griffiths…
Gaurav Dalmia March 18, 2018 In politics, it is often said, it usually takes a decade to get a years work done, but sometimes one gets a decades work done in a year. Initiatives taken in Indias fight against corruption are equivalent to what would have been a decades work in normal times. The most recent of…
The accounting watchdog is expected to announce an investigation into potential misconduct by two former finance directors at Carillion, the failed government contractor. The Financial Reporting Councils conduct committee is understood to have agreed that there are sufficient grounds for a probe into the conduct of Richard Adam and Zafar Khan. An announcement is expected…
Hughes declared bankrupt Former Coventry City striker Lee Hughes has been declared bankrupt. Halesowen Town became the 13th club of Hughes 24-year career after they signed him last week following his first spell in management with Worcester City. Hughes, 41, previously worked as a roofer before signing for boyhood team West Brom in 1997. Hughes…
All Doughnut Time stores will close for good as a liquidation process begins for the troubled food business, amid warnings from insolvency experts that thousands of other businesses are at risk of imminent collapse. Doughnut Time was founded in 2015 by Damian Griffiths, who had built up a network of 30 stories selling gourmet doughnuts…
Azza, written and directed by Amir Nizar Zuabi, ShiberHur Theatre Company, Space Theatre, Adelaide Festival Centre until March 18. 4.5 STARS The azza is the Palestinian mourning ceremony but, in the ShiberHur Theatre Companys excellent production, it is very far from doleful. Invigorated by Amir Nizar Zuabis warm, well-judged text, azza is, as funeral organisers like to say, a…