Corporate News     26-Feb-16
Jaiprakash Associates intimates of withdrawal of scheme of arrangement
For transfer of its two cement plants in M.P. to UltraTech Cement
Jaiprakash Associates announced that in view of the recent amendment in Mines and Minerals (Development & Regulation) Act, 1957, Hon'ble Bombay High Court indicated that it cannot sanction the Scheme of Arrangement for transfer of two of the Company's cement plants at Bela and Sidhi in Madhya Pradesh to UltraTech Cement (UTCL) and on its request, UTCL was permitted by Hon'ble Bombay High Court to withdraw its petition on 25 February 2016.

Further, since the Regulatory approvals (including sanction of Hon'ble Bombay High Court) could not be received prior to the Long Stop Date, the Scheme stands revoked.

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