NCLT Approves Nuvoco Vistas’ ₹1,800 Crore Acquisition of Vadraj Cement

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the acquisition of Vadraj Cement by Nuvoco Vistas Corp Ltd, a cement company owned by the Nirma group. The acquisition, valued at around ₹1,800 crore, will significantly expand Nuvoco Vistas’ production capacity, taking it to 31 million metric tonnes per annum and positioning it as the fifth-largest cement manufacturer in India.

Vadraj Cement, formerly owned by ABG Shipyard, has admitted liabilities of ₹9,633 crore. As per the approved resolution plan, the successful bidder — through its wholly owned subsidiary Vanya Corporation Pvt Ltd — will pay ₹1,706 crore to financial creditors and ₹93.71 crore to operational creditors within 45 days of the NCLT order. The plan had already received unanimous approval from Vadraj Cement’s secured creditors before being cleared by the tribunal.

The NCLT bench, comprising Justice VG Bisht and Technical Member Prabhat Kumar, ruled that no tax demands or penalties may be imposed on Vadraj Cement for liabilities predating the plan’s approval. However, the court clarified that statutory obligations arising after the approval date will still apply and can be dealt with by the appropriate authorities under applicable laws.

Vadraj Cement currently operates grinding units with a capacity of 6 million tonnes in Surat, a 3.5 million tonne clinker capacity in Kutch, limestone reserves, and a captive jetty. This acquisition will add to Nuvoco Vistas’ existing 25 million tonne capacity, consolidating its presence in the western region and strengthening its national footprint.

The acquisition followed a competitive bidding process led by EY-backed resolution professional Pulkit Gupta. Other contenders included JK Cement, JSW Cement, RKG Fund II, KIFS, and Orissa Metaliks Pvt Ltd.

Punjab National Bank, which filed the insolvency plea in February 2024, had the largest voting share in the committee of creditors at 25.40%, with a claim of ₹2,122 crore. Other major creditors include Union Bank (₹1,620 crore), Indian Overseas Bank (₹1,419 crore), Central Bank of India (₹1,391 crore), and JC Flower ARC (₹677 crore).

SC to Hear ₹1.12 Lakh Crore Online Gaming Tax Case on May 5

The Supreme Court has listed May 5, 2025, as the date for hearing a high-stakes case involving online gaming companies and casinos accused of evading taxes worth ₹1.12 lakh crore. The case pertains to show-cause notices issued by the Directorate General of GST Intelligence (DGGI) for alleged tax liabilities under the Goods and Services Tax (GST) regime.

A bench led by Justice JB Pardiwala was hearing appeals filed by several gaming platforms and casinos challenging the notices. While the companies’ counsel expected a procedural listing to fix a hearing date, the Additional Solicitor General requested the court to start hearing the matter immediately.

Justice Pardiwala clarified that the bench had reviewed the case specifically and was prepared to begin proceedings. “We understood the matter is being heard today,” the bench remarked, indicating that all directions were already in place.

However, given the anticipated complexity and volume of arguments—expected to span four to five days—the court deferred the hearing to May 5 to allow sufficient time for a comprehensive discussion.

Byju’s Founder Files FIR Against Former Resolution Professional, EY, and Glas Trust

Byju Raveendran, founder of edtech company Byju’s, has filed a police complaint alleging fraud and criminal conspiracy against several individuals and entities involved in the company’s ongoing insolvency proceedings. Those named in the FIR include Pankaj Srivastava, the former insolvency resolution professional for Think & Learn (Byju’s parent entity), representatives of Glas Trust (which represents Byju’s US lenders), and employees of consulting firm EY.

Raveendran took to social media to confirm the filing of the FIR, claiming that Srivastava had illegally handed over control of the insolvency process to a group of EY employees — Dinkar Venkatasubramanian, Rahul Agarwal, and Lokesh Gupta — whom he referred to as agents of Glas Trust. He accused the trio, along with Glas and Srivastava, of working in collusion to manipulate the proceedings. “There are tons of proof that I will share,” Raveendran wrote in a post addressed to EY India chief Rajiv Memani, demanding accountability and immediate suspension of those involved.

The case is under ongoing investigation by the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). It follows earlier allegations made by a whistle-blower within EY India, who accused the firm of working closely with Glas Trust and being improperly appointed by Srivastava to oversee the resolution process of Think & Learn.

In February, the NCLT approved the replacement of Srivastava with EY’s Shailendra Ajmera as the new resolution professional. This appointment was opposed by Raveendran’s legal team, with Senior Advocate S Guru Krishna Kumar arguing that the insolvency process was vitiated by fraud. He submitted that EY had presented itself as an independent advisor, but evidence later showed its active involvement in decisions favoring Glas Trust’s interests.

Earlier, in January, the NCLT directed the Insolvency and Bankruptcy Board of India to initiate disciplinary action against Srivastava after it found that he had misled the tribunal, prompting his removal.

The broader context involves Byju’s ongoing insolvency case, which began following a default on a ₹158 crore sponsorship payment to the Board of Control for Cricket in India (BCCI). While a settlement between Raveendran and the BCCI was approved by the NCLAT in August 2024, the Supreme Court later set aside that decision in October, keeping the insolvency proceedings active.

So far, EY, Srivastava, and Glas Trust have not responded to requests for comment on the allegations.