Motilal Oswal
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Motilal Oswal
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ArcelorMittal conspired to suppress vital facts to acquire Essar Steel: Essar Steel Asia to NCLAT

Updated : May 07, 2019 08:23 PM IST

ESAHL alleges that Lakshmi Mittal's association with loan-defaulting firms of his brother makes him ineligible to participate in the bankruptcy proceedings.
IBC rules had previously compelled Mittal to shell out an extra Rs 7,000 crore to clear bank dues of Uttam Galva Steels and KSS Petron where he held some stake and reportedly sold his holdings in one of them for Rs 1 per share.
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