Legal plot twists spoiling the show for ArcelorMittal in Essar Steel case

London-based billionaire Lakshmi Mittal is being arm-twisted into ponying up $1 bn to settle two other, unconnected non-performing loans to Indian banks to be able to win the race for Essar Steel

It’s a forlorn sight when emerging markets stage a creditable performance and investors don’t turn up. It’s miserable when patrons head for the exit after denouncing the play as a flop.

While it’s still grappling with the second problem, India also has a third. It has a good show going, for which the likes of ArcelorMittal are reluctantly paying a $1 billion cover charge, but legal plot twists are spoiling the entertainment.

The drama in question is the $7 billion bankruptcy of Essar Steel Ltd. The Rs 420 billion ($5.8 billion) offer for the asset announced by ArcelorMittal on Monday is unexpectedly