Displaying items by tag: Supreme Court

Australia: The Queensland Supreme Court has ruled that Wagners must meet lower prices offered by a competitor in the market in its cement supply contract with Boral. Wagners suspended its supply of cement products to Boral for six months in early 2019 when Boral said it found cheaper cement from Cement Australia, according to the Australian newspaper. However, the court found that an October 2019 pricing notice for cheaper supplies from Cement Australia was ‘valid and effective’. Boral will continue buying cement from Wagners until 2031.

India: UltraTech Cement has renamed its Binani Cement subsidiary UltraTech Nathdwara Cement. The leading Indian cement producer finally acquired Binani Cement in late November 2018 when the Supreme Court supported the National Company Law Appellate Tribunal’s (NCLAT) approval of its bid for Binani Cement following a legal fight with a consortium led by Dalmia Bharat group.

Binani Cement’s production assets include a 4.85Mt/yr integrated plant at Nathdwara and a 1.4Mt/yr grinding plant at Neem ka Thana, both in Rajasthan. The company also operates plants in China and the UAE. UltraTech Cement’s acquisition will increase its production capacity in the north of the country to around 24Mt/yr, increase its access to limestone reserves and offer it synergies in logistics and procurement.

Pakistan: The Supreme Court has ordered DG Khan Cement to pay nearly US$0.6m into a dam fund in relation to falling water levels at the Katas Raj Temples in Chakwal, Punjab. The cement producer must make a deposit of US$0.5m as payment for water it used and US$0.1m as a penalty for ‘misleading’ the court, according to the Nation newspaper. The court has accused the company of pumping water from boreholes leading to water loss at a pond at the temples.

Pakistan: The Supreme Court has appointed a special committee to visit the DG Khan’s cement plant in Chakwal to investigate how it stores water. The committee will report back to the court about the capacity of the reservoirs built by the plant as well as whether they were filled by extracting water from the aquifer or from rainwater, according to the Dawn newspaper. The committee will also take samples of water from the reservoirs.

The court has been looking into how DG Khan and Bestway Cement set up cement plants in the Potohar region related to water issues at the nearby Katas Raj Temples. Previously, the court was told that the DG Khan Cement was only operating tube-wells for domestic use by its workers but a witness alleged that the plants were extracting water for industrial use from the water table.

India: The National Company Law Appellate Tribunal (NCLAT) has approved a revised bid by UltraTech Cement for Binani Cement. The tribunal approved UltraTech’s resolution plan and said that the plan submitted by Rajputana Properties, a subsidiary of rival bidder Dalmia Bharat group, was ‘discriminatory’ against some financial creditors, according to the Press Trust of India. In July 2018 the Supreme Court transferred all matters related to corporate insolvency resolution process of Binani Cement to the NCLAT Kolkata.

Pakistan: The Supreme Court has restrained the Punjab Anti-Corruption Department from launching criminal proceedings against the heads of DG Khan and Bestway Cement. The decision was made following a review petition filed by DG Khan Cement, according to the Statesman newspaper. It follows an investigation initiated by the Supreme Court to look into the setting up of cement plants in the Potohar region. The probe alleges government and corporate corruption.

Pakistan: The Supreme Court has ordered cement producers to pay for underground water used by cement producers near Katas Raj. Chief Justice Mian Saqib Nisar said that underground water is ‘very precious’ and added that cement factories using it near the temple at the site would no longer be able to do so for free, according to the Nation newspaper. The Chief Justice has also directed the Punjab Food Authority to audit local companies to assess how much water they are using and how much they are paying for it. The on-going case was started in response to a pond drying out at the Hindu heritage site due to water consumption by nearby cement plants.

India: The Supreme Court has said that the final sale of Binani Cement cannot complete without its approval. It added that no decision on the sale will now be made until at least early July 2018. However, it has allowed the debt resolution process to continue, according to the Press Trust of India. UltraTech Cement and Dalmia Bharat have both made bids for the bankrupt cement producer but they have fought each other legally over the process.

India: Binani Cement's committee of creditors (COC) has accepted a bid by UltraTech Cement. The COC will now submit UltraTech Cement’s plan to the National Company Law Tribunal (NCLT) for approval, according to the Times of India newspaper. However, the Supreme Court is also looking at the case following a petition by rival bidder Dalmia Bharat.

UltraTech Cement made a direct bid of US$1.12bn for the bankrupt Binani Cement following an auction in March 2018 that was originally won by Dalmia Bharat. Dalmia Bharat has disputed UltraTech Cement’s offer and the two companies have conducted legal campaigns to reinforce their respective claims.

Pakistan: The Supreme Court has asked cement producers using water near the Katas Raj Temples in Punjab to submit recommendations for a policy on how they should pay for the resource. The court noted that the companies have used water worth ‘billions of rupees’ without any payment, according to the Pakistan Observer newspaper. Chief Justice Mian Saqib Nisar criticised a local government official, “for giving away everything for free.” The court has been investigating media reports that the pond at the Hindu heritage site was drying out due to water consumption by nearby cement plants.