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Essar Steel allege ArcelorMittal of filing false affidavit

IANS  |  New Delhi 

for has alleged that India had knowingly filed a false pertaining to NPAs on October 18, 2018.

Raval made these allegations during the (NCLAT) hearing of the bankruptcy proceedings on Wednesday.

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 in its October 4, 2018 order.

This was contrary to the fact that Lakshmi Mittal continued to be a shareholder of a family holding company which was a shareholder of entities, and Gontermann Peipers.

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 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 India Ltd. on October 23-24, 2018.

To this the bench asked the of Essar Steel Asia Holding Ltd to file a written submission. The bench said that it would look into ineligibility.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 16 2019. 10:54 IST