Minority shareholders of Uttam Galva allege violation of loan agreement

Arcelor terms latest challenge as trivial attempt to muddy the waters

Ahead of the Essar Steel rebid on Monday, minority shareholders of Uttam Galva Steels have written to lenders, the Securities and Exchange Board of India (Sebi) and stock exchanges, alleging that ArcelorMittal did not follow the terms of a loan agreement with lenders, which required it to seek prior permission for the sale of shares in the company. ArcelorMittal hit back saying the latest challenge is nothing more than another “tiresome and trivial attempt to muddy the waters”.
 
The letter mentions that in July 2011, ArcelorMittal, together with other promoters of the company signed a non-disposal undertaking in favour