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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Car part of Vasundhara Raje's convoy overturns, 3 cops sustain minor injuries
Jaipur, Dec 22: Three policemen sustained minor injuries when a vehicle of former chief minister Vasundhara Raje's carcade overturned in an attempt to avoid hitting a motorcycle in Rajasthan's Pali district on Sunday, police said.
The accident occurred while Raje was on her way to meet former minister Otaram Dewasi to express her condolence over his mother's death.
"Seven policemen were travelling in the car. Some of them have sustained minor injuries," Pali SP Chuna Ram Jat said.
Raje left for Mundara village of Pali district by road. A police car which was escorting her between Bali and Kot Baliyan overturned while trying to save a bike rider.
A BJP leader said that his car was behind the car which overturned thrice. He said he immediately got down and helped in sending the injured policemen to a hospital.
