Essar will have to pay capital gains tax, as the company will be gaining from the deal.
The committee said the move 'clearly undervalued the company and its long-term growth prospects'.
A preliminary deal for sale of 49 per cent in Essar Oil to Rosneft was signed between the companies in July 2015.
Ruias-led Essar Group on Friday launched a scathing attack on Vodafone saying that the British company is trying to gain 100 per cent control of the telecom JV Vodafone-Essar at an "artificially depressed value".
A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
The race for India's fourth largest mobile phone company Hutch Essar Ltd intensified on Wednesday with the arrival of Vodafone CEO Arun Sarin in India.
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.
The Reserve Bank of India has rejected Essar Communications' application to pledge its equity in Hutchison Essar Ltd to Standard Chartered Bank, London.
Ruias to sell Essar Steel stake to strategic partners.
Essar Global on Tuesday announced it has acquired Global Vantedge, a Bermuda-based BPO company from Chrys Capital for about Rs 100 crore (Rs 1 billion) to boost its presence in the BPO space.
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 sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
Riding high on upswing in the steel sector, Essar Steel has repaid entire Rs 927 crore (Rs 9.27 billion) debt of Unit Trust of India.
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 Central Bureau India (CBI) on Monday alleged before a special court that Essar Group of companies had created a "corporate veil".
Fair valuation of minority stake in joint venture at core of dispute; different worth of shares in two Essar entities a thorny issue.
Formally throwing its hat in the Reliance Communications said it was looking to acquire its rival Hutch-Essar and has received funding support for the proposed deal.
Besides Ruias, the CBI charged Essar Group director (strategy and Planning) Vikas Saraf, Loop Telecom promoters Kiran Khaitan and her husband I P Khaitan.
Moscow-based OAO Rosneft Chairman Igor Ivanovich Sechin said the agreement was to ship by sea as much as 10 million tons of oil per year to Essar Group.
"The most prominent suitors continue to be Russian producers, although India's Essar Group also has been mentioned prominently, according to market sources," the Metal Bulletin (MB) reported, adding that Essar has been the most recent company to express interest and has begun negotiations with Luxembourg-based ArcelorMittal.
British giant Vodafone and Indian conglomerate Essar group reached an agreement on Thursday for jointly running India's fourth largest mobile firm -- Hutch-Essar, which would be rechristened Vodafone Essar.
Rosneft bought a 49 per cent stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 per cent equity equally.
The high-profile bidding war for control of Hutch-Essar could intensify with reports in the British media suggesting that Indian partner Ruias have received funding pledges worth up to $25 billion to buy out foreign stakeholder Hutchison Telecom.
Essar Oil has cut petrol and diesel prices by an average of Rs 1.50 a litre to bring them at par with that of public sector firms.
The company is in the process of doubling its production to 800 oil barrels a day from the current 400 barrels a day, from a part of the field called prospect-B.
Nokia's Chennai plant is under freeze over tax dispute.
The ongoing arguments in the case remained inconclusive and would continue on August 5
The transaction will lead to an open offer for minority holders.
The earlier resolution allowing these developers to charge higher power tariffs, now stands cancelled.
The private companies want a level playing field so that they can compete with the government companies in fuel retailing.
At least three companies including Essar Shipping, Videocon and Sterlite Industries on Friday bid for acquiring the government's 51 per cent stake in national flag carrier Shipping Corporation of India.
The derivative contracts in the underlying Essar Oil, IFCI, Rajesh Exports, Adlabs Film, Arvind Mills, Nagarjuna Fertilisers and Bongaigoan Refinery are currently in the ban period, a NSE circular said on Wednesday.
Sunil Mittal's Bharti, in which British telecom firm Vodafone has 10 per cent stake, said on Thursday it is yet to hear a final word from the UK-based operator on its plans to buyout Hutchison Telecom's stake in Indian joint venture Hutch-Essar.
For Orascom, the real jewel in HTIL's crown was Hutchison Essar, India's fourth largest mobile phone company and a natural complement to its existing operations in Pakistan and Bangladesh.
The Supreme Court had on January 17 set aside a ruling of the Gujarat high court that allowed Essar Oil the tax benefit.
A drastic reduction in expenditure has boosted the net profit of Essar Oil, India's second largest petroleum refiner, to Rs 169 crore, a jump of 450 per cent in the first quarter ended June 30, 2009. The company, which processed 2.76 MMT of crude in the same quarter, had reported a profit of Rs 30 crore for the corresponding quarter a year ago.
Essar Steel wants to partner with a foreign company to consolidate its position in the automobile steel market in India. The company, soon to be a 10-million tonne per annum manufacturer, has 20-25 per cent of the auto steel market. It does not wish to lose any of it to the recent joint ventures formed by various Indian steelmakers with Japanese ones.
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