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Supreme Court asks Numetal to establish subterfuge charge against ArcelorMittal in divesting shares

Updated : September 19, 2018 07:35 AM IST

The observation by a bench of Justices R F Nariman and Indu Malhotra came when NuMetal accused steel and mining major ArcelorMittal of cheating Indian banks of Rs 7,000 crore owed by Uttam Galva Steels Ltd and KSS Petron by selling its shares just before bidding for Essar Steel.
The bench said irrespective of the claim that ArcelorMittal was the promoter at Uttam Galva, it has provided the documents to establish that it was not managing the affairs of Uttam Galva.
They were also not on its board and there was only a "co-promotion agreement" between them.
Supreme Court asks Numetal to establish subterfuge charge against ArcelorMittal in divesting shares

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