BSE said that the companies have not submitted the financial results for March and June quarter and/or not paid the fine amount levied for such non-compliance.
Dalmia has alleged that UltraTech bid, which the lenders were to consider, is ineligible under Section 29A
The Binani Cement case has turned out to be a test of India’s recently implemented Insolvency and Bankruptcy Code
Binani Industries had received a "comfort letter" from UltraTech, which enabled it to repay the lenders of its subsidiary Binani Cements.
Binani Industries Ltd (BIL) has received an offer from the Aditya Birla group firm UltraTech to transfer its 98.43 percent stake in BCL for Rs 7,266 crore.
The NCLT judge contended that in the larger interest of the creditors, the CoC could give it a consideration.
"The question of any fraud committed by the company or by the members of the board of directors of the company does not and cannot arise as all the accounts of the company and the holding companies are fully audited and all the transactions including the related party transaction have been disclosed," the company clarified in its response to stock exchanges.
It has approached NCLT "seeking permission to fully participate" in insolvency resolution process of Binani Cement "to ensure that the resolution process adequately protects and preserves the rights and interests" of its stakeholders including Binani Industries
“As mentioned during our call, these are speculations and as a company we would not like to respond to the speculations,†Dalmia Bharat said in an email to a Moneycontrol query on the matter.
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