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Essar Steel Promoter Moves NCLT Against Arcelor Bid

Essar Steel Promoter Moves NCLT Against Arcelor Bid

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  8 May 2019 8:04 AM GMT

New Delhi: Essar Steel is majority shareholder Essar Steel Asia Holdings (ESAHL) on Tuesday moved the National Company Law Appellate Tribunal (NCLAT) seeking the rejection of ArcelorMittal’s bid to buy out the company. “Lakshmi Mittal and Arcelor Mittal India Ltd (AM) had conspired to suppress vital facts and misled the Committee of Creditors, the Supreme Court, and the appellate tribunal into believing that Lakshmi Mittal and Arcelor Mittal had ceased to have any business association with his brothers Pramod Mittal and Vinod Mittal and their companies,” Essar Steel said in a statement.

The Prashant Ruia-led ESAHL, in its application, cited a sworn affidavit filed by Arcelor Mittal on October 17, 2018, which said that there had been no business association between Lakshmi Mittal and his brothers and their companies for more than 20 years, and that Lakshmi Mittal or Arcelor has no shareholding in any of the companies where his brothers are promoters, including GPI Textiles, Balasore Alloys, and Gontermann Piepers.

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