Murli Industries operations came to a stand-still during FY 15-16
Alter a long-drawn case, the National Company Law Tribunal [NCLT] Mumbai has given approval to Dalmia Cement [Bharat] regarding the resolution plan for the revival of Murli Industries.
Dalmia Cement (Bharat) Ltd is one of the prominent players in the cement manufacturing industry and is a wholly-owned subsidiary of the Dalmia Bharat Ltd who is listed on the stock exchange having a market cap of Rs 18,738 crore [approx.)
Murli Industries Ltd. has an integrated cement manufacturing plant with an installed capacity of 3MT in Chandrapur district, Maharashtra along with the captive thermal power plant of 50mw. In addition, Murli Industries also has paper and solvent extraction units in Maharashtra. The operations of the Murli Industries (Corporate Debtor) came to stand still during FY2015-16.
IBC Process against Murli Industries Ltd
Section 7 application filed by one of the financial creditor Edelweiss Asset Reconstruction Company Limited [EARC) was admitted by NCL T and Corporate Insolvency Resolution Process (CIRP) was started against Murli Industries. Resolution plan as submitted by Dalmia Cement is approved by the Committee of Creditors (CoC) with 100% voting shares and creditors are getting Rs 402 crore for their claim of Rs 3,171.26 crore. NCL T approved the plan with a couple of modifications in the resolution plan. The various issues and observations made by NCL T in the resolution plan are covered in this article.
Various hurdles in Resolution plan approval
A couple of applications filed with Adjudication authority [NCL T) for rejecting the resolution plan. Major concerns of the applicant were noted below along with comment From NCLT on the same.
Suggestion to Government by NCL T member
This story is from the August 2019 edition of M & A Critique.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2019 edition of M & A Critique.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
STRATEGIC MERGER SHALL CATAPAULT ASTER DM AS THE 3rd LARGEST HOSPITAL CHAIN IN INDIA
\"The resulting merged listed entity will be called Aster DM Quality Care Limited\"
STAMP DUTY EXEMPTION ON TRANSFER OF SHARES AS PART OF MERGER OF SUBSIDIARIES
A Writ Petition was filed by Ambuja Cements Limited (hereinafter \"the Petitioner\" or \"ACL\"), challenging the imposition of stamp duty on a merger order under Article 23 of Schedule IA of the Indian Stamp Act, 1899 by Collector of Stamps, Delhi (hereinafter \"Respondent\").
Acquisition of Plastic Injected Moulding Business from Sundaram Auto helps Pricol Group to a leadership position in Auto Component Sector
Recently, Sundaram Auto Components Limited, a wholly owned subsidiary of TVS Motor Company Limited approved the sale of its injection moulded plastic component solutions division to Pricol Precision Products Private Limited, a wholly owned subsidiary of Pricol Limited, as a going concern on a slump sale basis.
Simplifying the Corporate Structure - Merger of Inox Leasing and Financing with Gujarat Fluorochemicals
The board of Directors of some of Inox group entities have approved a Composite Scheme of Arrangement which provides for first demerger of Wind business of Inox Leasing and Finance Limited being a promoter group entity into Inox Holdings and Investments Limited and subsequently, merger of remaining Inox Leasing and Finance Limited into Gujarat Fluorochemicals Limited to provide direct holding of listed company to the promoters.
Cement Sector Consolidation Continues: Orient Cement to be acquired by Adani Group's Ambuja Cement
The shopping spree for the Adani group seems to be unstoppable. Recently, Adani group announced yet another acquisition in the cement space. This time it is Orient Cement Limited.
ITAT held that the reserve created on amalgamation is capital in nature and not taxable as perquisite
Recently, the Income Tax Appellate Tribunal, Mumbai held that the reserve created on amalgamation is capital in nature and not taxable as perquisite.
Mega Consolidation: SeQuent Scientific and Viyash Lifesciences backed by PE Carlyle Group
SeQuent Scientific Limited announced a merger which is expected to create a unique & differentiated platform with leading market position in Animal healthcare segment.
Raymond Group continues Segregation of its Business Verticals
After successful demerger of \"Lifestyle Business,\" Raymond Limited announced yet another restructuring to unlock further value for stakeholders.
Ultratech Cements adds India Cement in its shopping cart
India's Cement Industry is poised for consolidation. In recent past we have seen multiple large & small acquisitions in cement segment for consolidating positions.
Valor Estate Limited: "Diversification" to "Sepration" of Hospitality Business
“From investments in hospitality business, the demerger transaction will enable VEL to start its construction in hospitality”
