 "cement")
When private equity (PE) investor True North threw its hat into the ring to bid for Binani Cement as part of a consortium that included JSW Group, it had no idea the process would become as convoluted as it finally did.
Effectively, Kumar Birla-led UltraTech Cement was the highest bidder but its late submissions caused Binani -- one of the more coveted assets referred to the National Company Law Tribunal under the new Insolvency and Bankruptcy Code -- to be referred to the Supreme Court. The law eventually upheld the sale to Birla and True North lost the deal.
However, what it
