IndiaCatalog.com
India News
Search Web Directory
News Home
HomeIndustry AreclorMittal not eligible to bid for Essar Steel, Numetal tells NCLAT
Posted on 17th July 2018
VTB Capital-led Numetal on Monday said in the National Company Law Appellate Tribunal (NCLAT) that its rival AreclorMittal should not be made eligible to bid for Essar Steel as it is yet to clear dues of two defaulting firms – Uttam Galva Steels and KSS Petron.

“It’s an admitted fact that AreclorMittal Netherlands, a 100% subsidiary of AreclorMittal, was a promoter of Uttam Galva. If AreclorMittal through AreclorMittal Netherlands is an admitted promoter of Uttam Galva, which was admitted as an NPA, then it is ineligible,” said senior counsel Mukul Rohatgi, appearing on behalf of Numetal.

Refuting ArcelorMittal’s contention, made earlier before the appellate tribunal, that it was not a shareholder either in Uttam Galva or in KSS Petron prior to putting its bid for Essar Steel (ESIL) on February 12, Rohtagi said, as per Sebi regulations, a promoter ceased to be a promoter only after shares of the company are declassified by the exchanges.

“ArcelorMittal was, thus, not eligible to bid for Essar Steel, as on February 12, because it did not cease to be a shareholder/promoter as the declassification was done on only on March 21 in the NSE and on March 23 on the BSE,” he said.

Rohatgi said ArcelorMittal could have cleared its dues and become eligible had it paid the entire Rs 7,000 crore dues for Uttam Galva and KSS Petron, which it has not done so far. Uttam Galva owes Rs 6,000 crore to the lenders while KSS Petron the remaining Rs 1,000 crore.

The senior counsel said probably that was the reason why the resolution professional for the debt-ridden company also adopted ArcelorMittal’s disqualification.

Last week, ArcelorMittal said that it was not a shareholder either in Uttam Galva or in KSS Petron, prior to putting its bid for Essar Steel (ESIL) on February 12. The company did not have shares in Uttam Galva as on February 7 and in KSS Petron as on February 9.

The two-member NCLAT bench, headed by Justice SJ Mukhopadhyay, will hear the matter again on July 17.

Related Companies: Essar Steel   

Other Latest News
Amazon to close its online biz in China: Report
Posted on 23rd April 2019
Retail giant Amazon will withdraw its domestic e-commerce marketplace business in China, effective from July 18, but will keep operating its other business sections, including Amazon Web Services, Kindle e-books and cross-border operations.

Facing stiff competition from local online marketplace operators, including Alibaba, JD.com as well as the fast-growing Pinduoduo, Amazon's exit from e-commerce business would be the end of the company's 15 years of journey into the China market.


Microsoft employees decry Jack Ma backed '996' Chinese work culture
Posted on 23rd April 2019
San Francisco: A group of Microsoft employees has come forward to support Chinese tech workers on the gruelling '996' culture, writing a petition in defence of a trending GitHub repository that is being censored in China.

In a letter written on web-hosting service Github, owned by Microsoft, the employees have asked the company to keep the "996.ICU" GitHub repository uncensored, The Verge reported on Monday.


Bitcoin prices surge to a six-month high, after 35% gain this month
Posted on 23rd April 2019
Bitcoin prices jumped today to its highest in six months, pulling smaller cryptocurrencies up with it in a move that traders and analysts ascribed to technical forces with no apparent news catalysts at play.

Bitcoin, the biggest virtual coin, climbed as much as 4.5% in early trading to top $5,600 briefly, touching its highest since November 18.


Vicks, Gillette, Pantene maker P&G found guilty under GST anti-profiteering
Posted on 23rd April 2019
The GST profiteering investigation arm has found leading FMCG firm P&G India guilty of not passing on GST rate cut benefits to the tune of about Rs 250 crore by commensurate reduction in prices. Based on a complaint filed before the standing committee, the Directorate General of Anti profiteering (DGAP) investigated the books of accounts of P&G India pre and post November 15, 2017, and concluded that the consumer goods manufacturer has not lowered prices of certain of its products despite cut in GST rate to 18 per cent from 28 per cent.

Paytm takes cue from Alibaba, launches credit score check facility for app users
Posted on 23rd April 2019
Digital payments company Paytm has now enabled users to check their credit scores on its mobile app. Users can access the service by clicking on ‘My Credit Score’ under their user profile section. Paytm-backer Alibaba’s financial services affiliate Ant Financial had launched a similar service called Sesame Credit in January 2015 for individual credit scores of customers and small business owners.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for HomeIndustry AreclorMittal not eligible to bid for Essar Steel, Numetal tells NCLAT
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for HomeIndustry AreclorMittal not eligible to bid for Essar Steel, Numetal tells NCLAT

Most Read News

JustDial data leak exposed personal details of 100 million users: IT expert

Uber nears deal with Softbank-led group for self-driving car unit: Report

Jet shares sink 34% but lenders hopeful of successful bids for airline

Wipro trades flat on muted June quarter revenue guidance

SC admits plea to lift ban on Muslim women entering mosques

More India News

Photo Gallery

Kaala(10 Images) Kaala
Saamy Square(11 Images)Saamy Square
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement