Dalmia Bharat on Thursday moved Supreme Court after the National Company Law Appellate Tribunal (NCLAT) on Wednesday held UltraTech's offer for Binani Cement as valid, stating that the former's offer was discriminatory against few financial creditors.
The top court has agreed to grant an early hearing to Dalmia's plea and the matter will be heard on November 19.
“Today we have requested Supreme Court (SC) to hear our appeal and SC was kind enough to give us the date for Monday so now, on coming Monday our appeal would be heard and then accordingly SC would decide. This is what I wanted to convey that now appeal is posted for hearing on Monday,” said Mahendra Singhi, group CEO- cement, Dalmia Bharat Group.
UltraTech Cement and Dalmia Bharat-led Rajputana Properties were in the race to acquire the company. UltraTech Cement has proposed an offer of Rs 7,960 crore to acquire Binani Cement while Dalmia Bharat had offered Rs 6,590 crore.
The arguments, as Singhi said, will be related to the process followed.
“Nothing has been changed. Whatever bid amounts were from our side and from their side, all have been considered and then on certain matters, decision has been drawn in favour of Ultratech," he said.
“We are very comfortable with our current debt position,” added Singhi.