ArcelorMittal India, Raval said, had knowingly filed the false affidavit, saying that they had cured all the ineligibilities (NPAs of related entities) as directed by the Supreme Court in its October 4, 2018 order.
He further said that ArcelorMittal, in order to further their falsehood, had sold the shares in these companies, as reflected in shareholding pattern as on October 31, 2018.
Raval submitted a detailed note before the NCLAT to substantiate his claims and said ArcelorMittal India was guilty of misleading and suppressing the facts.
In addition, Raval said that the CoC was fully aware of these ineligibilities and still went ahead and voted in favour of ArcelorMittal India's bid to acquire Essar Steel India Ltd. on October 23-24, 2018.
To this the bench asked the lawyer of Essar Steel Asia Holding Ltd to file a written submission. The bench said that it would look into ineligibility.
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