Dalmia Bharat Group to challenge NCLAT ruling

Dalmia Cement (Bharat) Ltd has petitioned the Supreme Court, challenging the appellate tribunal's ruling to support UltraTech's plan for Binani Cement over the latter's acquisition by Dalmia Bharat Group.

The matter is now due for a special hearing on Monday 19 November. The National Company Law Appellate Tribunal (NCLAT) ruled that approval had been given to UltraTech's acquisition of Binani for INR79,500m (US$1.1bn).

Despite the legal challenge, Dalmia Cement (Bharat) is not about to match UltraTech's offer. "There is a process of law that we have followed since the beginning and there is no question of revising our bid amount now," said Mahendra Singhi, Dalmia Bharat group CEO.