₹ 8,339 crore in Ambuja Cements, raises stake to 70.3%
Under a notification from 1937, Ambuja was protected from having to pay the fee even if the case was filed under section 391 of the Companies Act, 1956.
Also Read: Ambuja Cements Q1 2024-25 results: Net profit falls 30.45%, revenue down 4.6%
The court also noted that the show cause notice issued by the collector of stamp had passed the statute of limitations. The writ petition filed was allowed but the stamp duty and penalty issued by the collector of stamps, Delhi was done away with.
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A team from S&A law offices comprising of Vijay K Singh, Adhip Kumar Ray, Kumar Shashwat Singh Sawno and Simran Sakunia represented Ambuja Cement Limited in the case.
While the case continues, ACL has continued to move towards expanding the business by focussing on strategic investments and capacity expansions to bolster its market position. They recently acquired Orient Cements and are looking to boost their productivity.
They are set to increase their production targets to to 97 million tons per annum, after the acquisition. The company is also looking to acquire a construction enterprise called ITD Cementation India Limited to improve execution quality in their projects.
The company is looking to increase its green power capacity, aiming for green energy to make up 60 per cent of its total power, as a part of their sustainability initiative.
