Defaults due to rising rates resulted in the move.
This is for the second time that Tata Steel is getting into a take-over battle. It acquired the Anglo-Dutch steel company Corus Group after beating rival suitor, CSN of Brazil, through auction.
In Jharkhand, the company is hopeful of starting work as soon as the mines issue is resolved, while in Orissa, consultants for the detailed project report (DPR) and the socio-economic survey have been appointed.
Two former directors on the Larsen & Toubro board have returned the employee stock option shares to the company following an out-of-court settlement reached this week with two government-owned financial institutions.
The transaction was to be completed by June.
India Inc's bid to stop people from joining rivals has not found favour with the judiciary.
Sukhdev Mahato has 2 acres in the 450-acre private land, which will be acquired for JSW Bengal Steel's 10 million tonne project. And Mahato feels blessed.
The sale of Daewoo assets in Surajpur to Crosslinks, a company floated by former Hyundai executive B V R Subbu and Spicejet promoter Ajay Singh, has hit a legal quagmire with a slew of new players staking a claim for the 205-acre land.
Royalty terms with Danone for brand on the cards.
An interview with Tata Steel Managing Director B Muthuraman
Mittal Steel India, which will require 8,000 acres -- a mix of government and private land -- in Keonjhar, Orissa, for its proposed 12 million tonne plant, has decided to develop its own rehabilitation and resettlement package.
Posco India is open to realigning its project area and one of the options could be to the south of the site.
In a communication to L&T, the financial institutions on Thursday said they were withdrawing the nominations of Sinha and Deshmukh from the board with immediate effect.
The Larsen and Toubro employee stock option controversy is becoming a major face-off between the financial institutions and the construction major.
This will be over and above a Rs 3,655-crore domestic rights issue and a Rs 4,350 crore convertible preference share issue the company announced last month.
The judge orally observed that the obtaining of this kind of benefit by any such nominee-director raised an important question of morality and, equally, of law.
Financial institutions are facing a Herculean task in convincing their nominee directors not to exercise the employee stock options granted to them
The move opens a debate on the role of independent directors nominated by institutions.
Only a handful of domestic steel producers have announced their results for 2006-07, but the indications are that they will report stellar performances this financial year.
Sources said the company would rope in private equity players in the next round of financing within a year. After reaching a particular scale, the company would also come out with an initial public offer, they added.
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