Posted inIndia, South Asia

Indian tribunal snubs Essar promoter’s bid to retake firm

The latest effort by the promoters of Essar Steel, one of India’s largest debt-defaulting companies, to prevent it from getting auctioned fell flat after the National Company Law Tribunal rejected their proposal. The promoters, the Ruia family, had approached the NCLT to submit a settlement proposal under majority shareholder Essar Steel Asia Holding Ltd (ESAHL). […]