UltraTech Cement turns Binani Cement into wholly-owned subsidiary

"We have received the full payment from UltraTech and no amount is due from Binani Cement now", a lead lender to Binani Cement said

UltraTech Cement cleared all dues owed to the creditors of Binani Cement on Tuesday, taking possession of the latter’s units in India, UAE and China. 

The board of directors at Binani Cement has been reconstituted, with the company now a wholly owned subsidiary of UltraTech, the latter informed the BSE stock exchange.

This follows the Supreme Court’s ruling on Monday, which approved UltraTech’s resolution plan in this regard, dismissing the rival contention from Rajputana Properties (a Dalmia Bharat-led consortium), which had challenged the selection of UltraTech’s plan by the National Companies Law Appellate Tribunal (NCLAT).

“We have received the full payment from UltraTech