Within a month of the Comptroller and Auditor General of India (CAG) tabling the coal block allocation report in Parliament in August last year, the Central Bureau of Investigation (CBI) filed a First Information Report (FIR) against Hyderabad-based Navabharat Power Private Ltd for the coal block allotted to it in Odisha in January 2008.
The Ruias of the Essar Group will now be getting around $750 million (about Rs 3,493 crore) more from their telecom joint venture partner, Vodafone Group, over and above the fair market price if they exercise the "put" option for their 33.02 per cent stake.
Equinox plans to launch 1.4 million sq ft residential project in Bengaluru in the last quarter of calender year 2011 and a one-million housing project in Thane near Mumbai in the next one year.
But analysts advise against dumping, say these could recover if market conditions improve.
Apart from being the most successful cases under the IBC, Bhushan Steel and Essar Steel are among the best steel assets in the country. They also ended up helping their lenders get back a significant chunk of the money while allowing Tata Steel to consolidate its position and giving the world's two largest steel makers - ArcelorMittal and Nippon Steel - a strong foothold in India. A significant contrast was the pace at which these two cases were resolved under the bankruptcy code. In the annals of the Insolvency and Bankruptcy Code (IBC), Essar Steel may go down in history as the most noticeable resolution with the world's largest steelmaker, ArcelorMittal, and the incumbent, Ruia family, locked in an intense battle spanning more than two years and ultimately resulting in full recovery of the principal amount for the financial creditors.
The Delhi high court will pronounce its verdict on Friday on whether to admit the Central Bureau of Investigation's (CBI) appeal challenging the acquittal of former telecom minister A Raja, firms and others in the 2G spectrum allocation 'scam' case.
The transaction will lead to an open offer for minority holders.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
The agreement came in after the Ruias agreed to clear most of the Rs 26,000-crore dues to the lenders on completion of the transaction.
A PIL had sought probe into the Essar e-mail leak case.
Director General of Civil Aviation Kanu Gohain signed the papers in New Delhi granting permission to the Tata Group for the helipad atop the Taj Wellington Mews -- a luxury hotel -- for private use.
The Group of Elders include world leaders like -- Desmond Tutu, former UN Secretary Kofi Annan, Former US President Jimmy Carter, Li Zhaoxing, Mary Robinson, Bangladeshi economist Muhammad Yunus, Graca Machel, Gro Harlem Brundtland et al.
Continuing its inorganic growth strategy, Aegis, the Essar group's business process outsourcing arm, has signed a deal to acquire UCMS Group, an Australian firm, through an all-cash transaction worth AUD 54 million (around Rs 203 crore).
Nokia's Chennai plant is under freeze over tax dispute.
Following the foray of Essel and Essar groups into the online lottery segment, another leading conglomerate Forbes Group on Friday said it will enter the segment and launch its product 'DhanDhanaDhan' next month.
Analysts say the Essar Group has been following a policy of delisting just when its businesses begin to record substantial upside, denying shareholders their share of decent returns.
Union Transport Minister Nitin Gadkari was on Friday at the centre of a controversy over reports that he and his family spent two nights on a luxury yacht owned by Essar group.
Serum Institute of India chief Adar Poonawalla will pay 138 million (about Rs 1,444 crore) for a Mayfair mansion in London in one of the city's most expensive home sales of the year
Global telecom major Vodafone's minority partner in India, Analjit Singh, may take over as the chairman of the group's Indian operations, after Essar group exits the venture.
The 'Pran Pratishtha' of the idol of Ram Lalla -- the childhood form of Lord Ram -- will be attended by people from all walks of life, including representatives of major spiritual and religious sects of the country and of various tribal communities and prominent personalities.
Hutchison holds a 52 percent stake in Hutchison Essar and the Ruias-promoted Essar group 33 percent, while the rest is held by Analjit Singh of Max India and Hutchison Essar CEO Asim Ghosh.
Seeking ArcelorMittal be declared ineligible to bid for Essar Steel, the petition cited Section 29A of the Insolvency and Bankruptcy Code which bars promoters of defaulting companies from bidding for stressed assets.
Vodafone CEO Arun Sarin on Thursday met key members of the Ruia family, as part of efforts to woo the Essar Group to ensure smooth sailing of mobile venture Hutch-Essar, where the UK company is acquiring majority stake.
Last week, Essar had decided to prepay $900 million of this debt to foreign lenders.
J S Verma, general manager of Essar Steel, was on Tuesday arrested for allegedly conspiring in funding Naxal groups in Dantewada area of Chhattisgarh.
Continuing the efforts to strengthen its presence in telecom JV with Hutchison, Ruias' Essar Group is considering buying Max Telecom and IL&FS's 3.16 per cent stake in the Hutch-Essar joint venture.
P Sampath, the current CFO, moves to a new role as the President of Business Optimisation and Improvement for Essar Energy plc, the company said in a press statement.
The Ruias of the Essar group have decided to get into yet another takeover battle. And this time they are taking on none other than Lakshmi Narayan Mittal, the owner of world's largest steel maker, ArcelorMittal, to take over the Bulgarian steel firm, Kremikovtzi AD, an ailing steel mill owned by Mittal's younger brother Pramod Mittal.
Loop Telecom on Wednesday stated that it has fully complied with the licensing norms and has submitted the certified shareholding structure in the company to the DoT, saying that the Essar Group has equity of less than 9.99 per cent in the firm (Loop).
Ruias to sell Essar Steel stake to strategic partners.
The proposed steel plant is a joint venture wherein Essar would hold 65 per cent stake, VSC 20 per cent and the rest 15 per cent would be held by Vietnam General Rubber.
The stock market on Friday greeted with enthusiasm the reports of Reliance Communications planning acquisition of rival Hutch-Essar, as the Anil Ambani group firm gained a massive Rs 4,000 crore (Rs 40 billion) in market value.
A preliminary deal for sale of 49 per cent in Essar Oil to Rosneft was signed between the companies in July 2015.
Hinduja Group on Thursday said it was "very much in the race" to acquire India's fourth largest mobile player Hutch-Essar and said that it would begin reading the books of the target company from Monday.
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
The committee said the move 'clearly undervalued the company and its long-term growth prospects'.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
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