Reject ArcelorMittal's Essar Steel bid as it misled courts: Prashant Ruia

Essar Steel Asia Holdings moves NCLAT with petition claiming ArcelorMittal, Lakshmi Mittal misled court, hid facts

In a fresh twist to the insolvency saga of Essar Steel India, the largest stakeholder of the company has approached the National Company Law Appellate Tribunal (NCLAT) with a plea that ArcelorMittal India’s bid should be rejected as it had hid crucial facts regarding its shareholding in firms that have since turned non-performing assets (NPAs). The NCLAT has sought ArcelorMittal’s response to the petition and fixed May 13 as the next date of hearing.

In its plea before the NCLAT, Essar Steel Asia Holdings, which holds 72 per cent shares of Essar Steel, has alleged that ArcelorMittal’s promoter LN Mittal “misled