Competition Commission of India (CCI) on complaint filed by Builders Association of India had passed an order, alleging cartelization and anti-competitive agreement, levying penalty on Binani Cement Limited (BCL), a subsidiary of the Company on 20th June 2012. BCL had filed appeals against the same. Thereafter, the Competition Appellate Tribunal (COMPAT) had stayed the order of CCI and sent back the same to CCI for fresh adjudication of the issue relating to violation of the Competition Act and directed the CCI to pass fresh orders after allowing just and fair procedure within a period of 3 months.
On 31st August 2016 an order was uploaded on website of CCI, a copy of which the company is yet to receive.
The company will decide on future course of action after studying the same in detail and will seek appropriate legal advice.
A meeting of Board of Directors will be convened on 29th July, 2016 interalia to consider and approve the Unaudited Financial Results for the quarter ended 30th June, 2016.
The Company has received the copy of the order of Bombay High Court dated 23rd June, 2016, disposing off the writ petition by Edayar Zinc Ltd (EZL) one of the subsidiaries of the Company, filed against the action initiated by its Secured Creditors under Section 13(4) of the SARFAESI Act, 2002. The Court whilst ruling in favour of Secured Creditors has granted six weeks period from the date of the order for seeking appropriate legal remedy from DRAT and directed Secured Creditors to seek only symbolic possession of immovable property during such period granted to EZL
In terms of Regulation 33(3)(b) of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015, the Company has intimated the Stock Exchanges that the Company would continue to submit Standalone quarterly/year-to-date financial results for the quarter ended 30th June, 2016 and for the remaining quarters of the Financial Year 2016-17.
A meeting of Board of Directors will be convened on 30th May, 2016 interalia to consider and approve the Audited Financial Results (standalone and consolidated) for the quarter and year ended 31st March, 2016
The Board of Directors of the Company at its meeting held today inter alia:
Mrs. Jayantika Dave Burman, Independent Director of the Company has resigned from the directorship of the Company.