SC ruling allowing ArcelorMittal’s purchase of Essar Steel puts banks in better position to get money back from insolvent companies, Morgan Stanley says.
The Supreme Court allowed ArcelorMittal to complete its acquisition of Essar Steel India Ltd. by setting aside NCLAT’s order that gave secured and unsecured creditors equal right over sale proceeds.
Following the transaction which is expected to be completed by November, Dassault Reliance Aerospace Ltd will become an associate company, with Reliance retaining a 49% stake.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
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