Chennai-based Chartered Accountant S. Please Email the Editor. Prima facie, at this stage, the Restructuring agreement and Deed of Covenant solemnly entered into between parties would preclude the existence of any such agreement independent of the Scheme of Arrangement. The Restructuring agreement was the foundation of the Scheme of Arrangement which was presented before this Court. In support of the application for interim relief, it has been urged on behalf of the Plaintiffs that i The documents on the record would conclusively establish an agreement and an admission on the part of the Defendants of the conclusion of an agreement for the balance, representing 0. At this stage, it cannot be concluded that there was any such binding agreement. The objectives of the restructuring agreement were defined as follows:.
The offer failed miserably and Grasim could get only 9. The sanction of the Learned Company Judge to the Scheme of Arrangement was expressly sought on the basis that under the Scheme, the Employees’ Trust will acquire Deal makes Guj Ambuja most valuable cement co. However, Birlas were aware that in the next immediate 4 to 5 years cement business would turn highly profitable and valuations would skyrocket. This was followed by the Deed of Covenant which incorporated the same understanding. On 6th July , Grasim transferred Kuoni Travels India Pvt.
The Plaintiffs have in fact, in the alternative, quantified their claim in damages.
Kishorilal Gupta ; Citi Bank N. Naik, who is outspoken, transparent, willing to take risk.
Placement report of IRMA. With this Grasim would receive approx.
The dispute in the suit and in the Notice of Motion relates to a shareholding of 19,25, shares of the Defendants in the First Plaintiff.
While Grasim had paid Rs. Cites 13 docs – [ View All ].
The Minutes recorded that the issue was to be discussed with Grasim’s Advocate who was then not available. The Restructuring srudy between the parties contemplates that the holding of Grasim and the Second Defendant constituted Radhakishen Mull vs Maganlal Brothers on 25 June, The sale price of Rs.
De-merger of UltraTech Cement by L&T and its acquisition by Grasim
You know what you have achieved: The Restructuring agreement and the Deed of Covenant stipulate that they would constitute the whole understanding between the parties and would supersede all prior negotiations and understandings. Acquisition of Betapharm by DRL. It cxse be noted that the price which had originally been fixed at Rs.
It was envisaged that Grasim, on the one hand, would acquire 8.
The man who took on Ambani, Birla to ‘save’ L&T – The Hindu
More recently, the Supreme Court followed the dictum in M. Whether the demand for an indemnity by Grasim would be suggestive of an agreement on a price of Rs. So they were in a hurry to acquire while they could still get it cheap. So, we said we will be fair to each other; we will create win-win partnership and we shook hands on that and we moved on. Cement division must have made losses in A Tug of War Grasim came out with an alternate vertical demerger plan in November More importantly, we have been in tough situations together.
Deal makes Guj Ambuja most valuable cement co. Chavan shares his insights on Summer Internships. Grasim was both a purchaser and a seller – it was to purchase 8.
It may be sufficient to say that RIL could not manage to get support from the government, public at large and financial institutions. That would require evidence to be adduced at the trial of the suit. This was as a result of the capital restructuring of the First Plaintiff upon which there was a reclassification of By consent, the Motion has been taken up for final disposal. The sanction of the Learned Company Judge to the Scheme of Arrangement was expressly sought on the basis that under the Scheme, the Employees’ Trust will acquire Grasim responded to the condition on 4th August Grasim would then make an open offer for 30 percent of the UltraTech’s equity at the same price and would take its stake to 51 per cent.
The offer, the application stated, was being considered for acceptance of the balance of 9,62, equity shares constituting 0. The meeting was attended, inter alia, by Shri Kumar Mangalam Birla.