Kesoram Industries appeal against the National Company Law Appellate Tribunal s Kolkata ruling rejected its claim of being a financial creditor of Birla Tyres Ltd. The tribunal ruled that Kesoram failed to prove the transaction was a deposit or loan, and therefore, the adjudicating authority did not commit any error in rejecting the appellant s application.
If the deal with UltraTech is approved by the board, Kumar Mangalam Birla, the grandson of B.K Babu, as he was affectionately called, will be in command of the family silver
Birla Tyres, which was once part of the famed BK Birla empire before slipping into insolvency, will be a subsidiary of Calcutta-based Himadri, which claims to be the third largest producer of carbon black, a key ingredient in tyre making
The bankruptcy court has approved the proposal for Himadri Speciality Chemical and Dalmia Bharat Refractories to acquire Birla Tyres. The company has admitted liabilities of over INR 1,662 crore. The consortium plans to focus on niche spaces such as electric vehicle (EV) and specialty tyres. They also aim to achieve forward integration for their business and explore the use of clean and green power for Birla Tyres power requirements.