Essar Steel shareholder seeks rejection of ArcelorMittal bid2 min read . Updated: 07 May 2019, 09:22 PM IST
- Essar Steel Asia Holdings Ltd (ESAHL) has filed an appeal before the NCLAT
- ESAHL alleged that Mittal was a promoter of companies that had been classified as NPA by banks
NEW DEHI : Essar Steel Asia Holdings Ltd (ESAHL), a shareholder of Essar Steel Ltd, has alleged that ArcelorMittal chairman and chief executive officer, L.N. Mittal, has suppressed vital facts that would otherwise render him ineligible to offer a buyout plan for the distressed steel mill under Section 29A of the Insolvency and Bankruptcy Code (IBC). It also sought disqualification of ArcelorMittal’s bid for the debt-laden company.
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