Sale of Acel shares by MRL cleared

Sale of Acel shares by MRL cleared
Published: 13 June 2005

The Delhi High Court has allowed Modi Rubber Ltd (MRL) to sell its holding of 23.1 lakh shares of Ambuja Cement Eastern Company Ltd (ACEL) to Holcim Cement Pvt Ltd. It has directed that proceeds of the sale be deposited in a non-lien account of IFCI Ltd, a secured creditor of MRL after obtaining directions from the Board for Industrial and Financial Reconstruction (BIFR). The Court has overruled objections raised by an unsecured creditor, Morgan Securities and Credit Pvt Ltd, to the sale.