Tata Steel was adjudged the best bidder by Delhi High Court sidelining RR Kabels
January 7, 2016
Tata Steel bagged the ailing cable-maker, Incab Industries, with the Delhi High Court rejecting the basic opposition of competing bidder, RR Kabels, as reported by a leading Jharkhand based daily. Double bench of Delhi Court in a verdict on January 6 ruled that Tata Steel is the best bidder and is capable of running Incab Industries Limited, Jamshedpur.
Bench comprising of Magistrate Ravindar Bhatt and RK Gauba during a hearing at Room No. 5 of the court made their verdict in favor of the Steel major after RR Kables proposal was rejected. This judgment has come after seven months when High court upheld the decision on May 27, 2015. Pegasus Assets Reconstruction Company of Mumbai moved out of the race and during the judgment on Wednesday, January 6, Tata Steel was judged best and considered over RR Kables.
As Tata Steel has acquired Incab, the steel major is set to enter into the cable business in a big way. In December 2009, the Board for Industrial and Financial Reconstruction (BIFR) approved the revival plan proposed by Tata Steel over two other bidders.
Once a major cable producer and owned by Kashinath Tapuriah, the brother-in-law of M.P. Birla, Incab in its heydays employed nearly 2,000 people in Jamshedpur. In the mid-1990s, Malaysia-based promoter Leader Universal Holdings Berhad took over, but the company slid deeper in the red. It was referred to the Board for Industrial and Financial Reconstruction in 1999, a year before Jharkhand’s birth.
