Both the accused placed on record the apex court's order and submitted separate personal bonds.
NRI steel tycoon Lakshmi Mittal has lost a long-running dispute with his neighbour, a member of the Saudi Arabian royal family over construction of a new block of flats.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
ArcelorMittal is spending $5bn to double the output of its plant in Kazakhstan in a further expression of confidence by the world's biggest steelmaker in the likelihood of robust economic growth outside the main developed regions. Some $1.2bn of the investment is geared to improving health and safety at the steel plant in Temirtau and associated coal and iron ore mines.
Britain's richie-rich club saw their wealth melting away by more than half to 200 billion pounds in a year marked with a severe economic downturn, while Indian-origin steel tycoon Lakshmi Mittal took the biggest hit.
ArcelorMittal does not favour futures trading in steel, as it could distort the prices of the commodity completely.
Mittal Steel Company, owned by NRI steel tycoon Lakshmi Mittal, has earned a record net income of $4.7 billion for the twelve months ended December 31, 2004.
The world's largest steel manufacturer, Arcelor Mittal, has received approval from the US and Mexican competition authorities to acquire Sicartsa from Grupo Villacero for an enterprise value of $1.43 billion (about Rs 6,006 crore).
"We are hopeful of taking physical possession of the land by the end of the current year to start construction for the greenfield steel project. The pre-land acquisition process has already been successfully initiated," ArcelorMittal CEO, India, Vijay Bhatnagar told PTI in Bhubaneswar. The response from local residents during the first Gram Sabha, held on August 6 as part of the pre-land acquisition process, was positive toward the Rs 40,000-crore (Rs 400 billion) project.
With global major Mittal Steel likely to foray into India with its proposal to set up a five million tonne steel plant in Jharkhand, Tata Steel has asked the government to check its track record before inviting the company.
The company, however, maintained that the appointment is 'interim' and shareholders approval would be sought next year to make it a full-time engagement.
Deepening global credit crisis is taking a toll not just on financial institutions but is eroding individual wealth as well, with Britain's richest man Lakshmi Mittal losing nearly pound seven million per hour in the last four months, media reports said in London.
ArcelorMittal has entered into binding agreements to reduce its economic and voting interest in Dillinger Hutte from 51.25 per cent to 33.4 per cent in line with existing governance rights through sale of shares to Struktur-Holding-Stahl GmbH & Co KG aA and Dillinger Hutte Saarstahl AG, a company statement said. Dillinger Hutte enterprise value is estimated to be about $2.6 billion, the statement said.
"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.
It had a $4.3 billion write down related to company's European businesses.
The Union Cabinet on Thursday allowed Non-Resident Indian steel baron Lakshmi N Mittal to pick up 49 per cent stake in state-run Hindustan Petroleum Corp's Bhatinda refinery.
ArcelorMittal has identified land in Jharkhand for its steel plant. It is now awaiting necessary approvals.
The founder chairman of the Mittal Group M L Mittal has said that time is ripe to invest in India as the government is opening up more and more sectors for private investment.\n\n
Steel tycoon Lakshmi Mittal has just been named the richest person in the UK for fourth year in a row, but when it comes to being a powerful businessperson, he lags behind four others in the British manufacturing industry.According to a list of 100 most-powerful business people in the UK's manufacturing sector released by the Daily Telegraph, India-born Mittal has been ranked fifth.
Google on Tuesday began reinstating about 250 Indian apps it had delisted from its Play Store over a billing dispute as it caved in to government criticism, but the squabble may not yet be over.
It was his nerves of steel and perseverance that helped the world's largest steel producer Laxmi Niwas Mittal clinch the $33-billion deal for Luxembourg-based Arcelor Steel despite hostility.
The government is likely to come out with 10 per cent stake sale offer of Oil India in the second fortnight of this month, followed by NTPC's issue in the first 14 days of February, a Finance Ministry official said.
Money and power being "natural bedfellows" is not necessarily true in the British business world, except for steel tycoon Lakshmi Mittal who figures right on the top of a new 'Richest Power List', compiled after combining two separate rankings of the most powerful and the most richest in the UK.
A day after NRI steel tycoon Lakshmi Mittal jacked up his offer for rival Arcelor to euro 25.8 billion
Even as the government today gave Saurabh Chandra, secretary, department of industrial policy and promotion (DIPP), the additional charge of secretary, Department of Commerce, Dinesh Kumar Mittal has emerged as the front runner for the post.
"The company expects to break ground on one of the Indian projects 'before the end of 2009'," CNN quoted ArcelorMittal's London-based head of investor relations Julien Onillon as saying last week. The two identical projects are to come up in the states of Jharkhand and Orissa and would add 24 MT annual steel production capacity.
A right-wing trade union movement in South Africa has launched a campaign to prevent Britain-based Indian origin steel baron Lakshmi Mittal's move to take control of two steel companies in the country.
Telecom powerhouse Bharti Airtel's boss Sunil Mittal donated $1 million (Rs 4 crore) on Wednesday for education of underprivileged children in villages.
Sanjay Hegde, the Karnataka counsel in the Supreme Court, said that this is the maximum punishment Mittal could attract if found guilty.
PIOs have also emerged among the most powerful businessmen of their respective sectors, led by the likes of steel tycoon Lakshmi Mittal and telecom titan Arun Sarin. While Mittal, recently named UK's richest persons for fourth year in a row, has been identified as the fifth most powerful in the UK manufacturing business, Sarin has beaten all to grab the top slot in the 100 most powerful persons list for country's technology and telecom sector.
Other panelists of the 23-member council includes external affairs minister S M Krishna, City group CEO Vikram Pandit, NRI entrepreneur Karan Bilimoria, economist Jagdish Bhagwati, educationist Sam Pitroda.
Company says no project in Jharkhand without allotment of SAIL-owned Chiria mines.
The latest Fortune list is topped by Apple Computer CEO Steve Jobs.
He likes to try and try again, as the renewed merger talks with MTN have demonstrated.
The Competition Commission of India (CCI) on Wednesday declined an interim relief order that would restrain Google from levying service fees on app developers until a final decision is made by the regulator. The CCI also said the Director General (DG) would continue its investigation as ordered by the commission in its March 15 order. "The Commission is of the considered opinion that no case whatsoever has been made out by the informants which warrant the grant of interim relief. Resultantly, the applications stand dismissed," said the CCI while rejecting the plea by app developers in its order.
