Vedanta takes over management control of Electrosteel
Kolkata, June 11: Anil Agarwal-promoted Vedanta has acquired the management control of the debt-ridden Electrosteel after its resolution plan was approved by the National Company Law Tribunal under the IBC.
"... Vedanta Star Limited has acquired management control of Electrosteel Steels pursuant to resolution plan approved under the Insolvency and Bankruptcy Code (IBC), 2016," Vedanta said in a regulatory filing.
In view of the approved resolution plan, an upfront amount has been deposited in the escrow account of Electrosteel and a new board of directors has been put in place, the filing said.
Upon implementation of the resolution plan, Vedanta would hold approximately 90 per cent of the paid up share capital of Electrosteel. The remaining 10 per cent would be held by Electrosteel's existing shareholders and the financial creditors who receive shares in exchange for the debt owed to them, Vedanta said earlier in a statement.
The funds received by Electrosteel as debt and equity will be used to fully settle the debts owed to the existing financial creditors of Electrosteel by payment of Rs 5,320 crore, it said.
Electrosteel owns and operates a greenfield integrated steel manufacturing facility near Bokaro, Jharkhand which has a current capacity of 1.5 million tonnes per annum (mtpa) and the potential to increase to 2.5 mtpa.
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Trinamool MP Yusuf Pathan declines government's Operation Sindoor delegation invite
Kolkata: Trinamool Congress MP Yusuf Pathan, who was named by the government to join an all-party parliamentary delegation for the 'Operation Sindoor' diplomatic outreach, is reportedly set to skip the initiative.
The government included his name without consulting the Trinamool Congress, although the government had reached out to the MP directly, India Today quoted party sources as saying.
The former cricketer-turned-politician has conveyed that he will not be able to join the delegation.
According to the report, Pathan was invited to be part of the team led by JD(U) MP Sanjay Jha, which is set to visit Indonesia, Malaysia, Japan, South Korea, and Singapore as part of the government's diplomatic mission.
Objecting to the Centre's choice of MP to represent the Trinamool Congress, the party's National General Secretary Abhishek Banerjee questioned, “How can the Union Government decide on the representative of Trinamool?” He added that the Bharatiya Janata Party (BJP) should have held discussions with the opposition to decide which representative a party will send.
Meanwhile, a senior Trinamool Congress leader pointed out that foreign policy comes under the Union government’s domain and it should take complete responsibility of such matters.
"We believe that the nation is above all, and we pledged our support to the Union government to take whatever action needed to protect our great nation. Our armed forces have made our nation proud and we are forever indebted to them. Foreign policy is entirely within the domain of the Union government. Therefore, let only the Union government decide our foreign policy and take complete responsibility for it," the TMC leader said.
The government recently announced that seven all-party delegations will be sent to key partner countries, including members of the UN Security Council, later this month to convey India's message of zero tolerance against terrorism.
A statement by the Parliamentary Affairs Ministry said, "The all-party delegations will project India's national consensus and resolute approach to combating terrorism in all forms and manifestations. They would carry forth to the world the country's strong message of zero tolerance against terrorism."
