Free Press Journal
  • ArcelorMittal rubbishes Numetal allegations

    New Delhi : ArcelorMittal said on Tuesday its offer for the debt-laden Essar Steel is the most compelling one and asserted that there is no connection between ArcelorMittal’s eligibility and the businesses of LN Mittal’s brothers. The company’s statement comes a day after Russia’s VTB Group-backed Numetal upped the ante against rival bidder ArcelorMittal, alleging that loan defaults by firms owned by Mittal’s brothers, disqualify him under the law.

  • ArcelorMittal backtracks after accusing Vedanta of eco lapses

    New Delhi : ArcelorMittal, which is locked in a three-way fight for the acquisition of Essar Steel, first wrote a letter targeting rival bidder Vedanta over its alleged violation of environmental law and human rights but shortly thereafter withdrew the letter. ArcelorMittal on September 15 wrote a letter on “facts” in relation to alleged “environmental law violations committed in India and Zambia, illegal mining, disregard for safety standards and human rights violations”

  • ArcelorMittal sweetens Essar bid to Rs 42K-cr

    Mumbai : Steel giant ArcelorMittal on Monday offered Rs 42,000 crore to acquire Essar Steel, upstaging a Rs 37,000 crore bid by Russia’s VTB Group-backed Numetal, sources with direct knowledge of the development said.

  • NuMetal’s Essar Steel bid gets NCLAT thumbs-up

    New Delhi : The National Company Law Appellate Tribunal (NCLAT) on Friday ruled that Russia’s VTB Capital-backed NuMetal’s second bid for Essar Steel is eligible but the same by ArcelorMittal will qualify only if it clears the Rs 7,000 crore dues of firms it was previously associated within three days.

  • Arcelor Mittal to NCLAT: It is eligible to bid for Essar Steel

    New Delhi : Arcelor Mittal said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promotor of Uttam Galva and KKS Petron, and had already offloaded its shares before submission of the bids.

  • NuMetal alter ego of Ruias: ArcelorMittal

    New Delhi : Locked in a direct fight to acquire Essar Steel, ArcelorMittal on Thursday sought disqualification of Russia’s VTB Capital-backed NuMetal, alleging that the firm was acting in concert with delinquent promoters of Essar group.

  • Bankruptcy law will be learning experience for at least 2-3 years: Bahram Vakil, founding partner, AZB & Partners

    Bahram Vakil, the founding partner of leading law firm AZB & Partners, is reckoned among the country’s foremost infrastructure and project finance attorneys. He has worked on several committees that introduced major policy changes in the country. Among them are the U K Sinha Committee— working group on foreign investment in India; SEBI sub-group on regulatory guidelines for redeemable non – convertible preference shares, and the Viswanathan Committee on bankruptcy law reform. 

  • Essar insolvency process put on hold

    The case will be heard on a day-to-day basis from July 23. NCLAT agreed to hear all cross petitions filed by Numetal and ArcelorMittal on their disqualification.

  • NuMetal offers Rs 37k-cr for Essar, bats for 2nd round

    New Delhi : Russia’s VTB Capital-based NuMetal on Thursday told the company law appellate tribunal, NCLAT, that it has offered over Rs 37,000 crore for Essar Steel in the second-round of bidding, which should be opened and the highest bidder be selected from it.

  • Arcelor deposits Rs 7K cr to clear Uttam dues

    New Delhi : ArcelorMittal has transferred Rs 7,000 crore to SBI to clear bank dues of loan defaulter Uttam Galva Steels so that it becomes eligible to bid for acquisition of Essar Steel, sources said.

  • Arcelor may pay off Uttam Galva dues

    Montataire (France) : ArcelorMittal, the world’s largest steel maker, on Thursday asserted that its bid for debt-laden Essar Steel is “eligible” and indicated that any pay off towards outstanding dues of Uttam Galva, a firm in which it was a minority shareholder till sometime back, would be a “goodwill gesture”.

  • Essar lenders seek more info from Arcelor, Numetal

    Mumbai : The committee of creditors (CoC) for Essar Steel has sought more information from bidders ArcelorMittal India and Numetal Mauritius regarding their ineligibility, according to sources.

  • Arcelor, Numetal get NCLT breather in Essar Steel bid

    Ahmedabad : In a major victory for Numetal and ArcelorMittal, the Ahmedabad bench of the NCLT on Thursday asked the lenders and the resolution professional of the bankrupt Essar Steel to reconsider their first bids.

  • Arcelor moves NCLT over Essar bid

    Mumbai : ArcelorMittal has challenged the committee of creditors’ last week decision to reject its bid for Essar Steel on technical grounds at the Ahmedabad bench of the NCLT, the company said in a statement on Monday.

  • ArcelorMittal, VTB bid to buy Essar Steel hits snag

    New Delhi : Bids by ArcelorMittal and a consortium led by Russia’s VTB Group for acquiring debt-laden Essar Steel are said to have been recommended for rejection by the adviser evaluating the offers, sources privy to the development said.

  • ArcelorMittal team visits Essar Steel, Bhushan Steel plants

     New Delhi : Eyeing the debt-laden Essar Steel and Bhushan Steel for acquisition, a delegation from global giant ArcelorMittal visited their plants for due diligence, multiple industry sources told the PTI.