 "Essar Steel's former board members seek to take part in lenders' meet")
Insolvent Essar Steel’s suspended board members told the National Company Law Tribunal, Ahmedabad, on Tuesday they were deprived of their right to take part in lenders' meeting and comment on the Rs 42,000-crore resolution plan by ArcelorMittal.
Citing the January 31 Supreme Court order in Ruchi Soya case, the former board members challenged the Committee of Creditors' (CoC’s) approval of ArcelorMittal's takeover bid without their participation and sought for a copy of the plan. The apex court on January 31 had said the suspended board members of a firm should be included in all deliberations of the CoC, including discussions on the plan.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%