SBI moves to invoke Essar Steel Promoters` personal guarantees of Rs 15K cr

-

The State Bank of India on Monday filed a recovery suit against Prashant and Ravi Ruia, before the Debt Recovery Tribunal (DRT) here in Gujarat.




Essar Steel Lenders led by the SBI are saddled with dues of over Rs 63,000 crore, including overdue interest and penalties. 

The SBI will receive only a part of its dues as per ArcelorMittal's IBC Resolution Plan of only Rs 42,000 crore -- leaving lenders with balance dues of over Rs 20,000 crore, comprising principal, overdue interest and penalties.

The SBI sought the attachment of global assets of Ruias to recover its balance Essar Steel dues, through debt recovery proceedings at the DRT.

The bank hopes to recover its balance dues from Promoters Prashant Ruia and Ravi Ruia, by seeking attachment of their personal global assets

The move to invoke the personal guarantees of the Ruias had started about six to eight months ago.

A decree from the DRT would lead to the attachment on all personal assets of Ruias both in India and abroad.

Best Share Market News, Click Here To Get More News - Share Market tips, for 2 Days Free Trial give a missed call @9644405057 and Get Share Market Services.

Comments

Post a Comment

Popular posts from this blog

Daily equity Market By Ripplesadvisory Report 16-Aug-2016

-
MARKET WRAP UP The Sensex and Nifty jumped over one per cent on Friday and were headed for their second session of gains, led by energy stocks, including Reliance Industries Ltd, as oil prices extended their rally. Domestic sentiment was also buoyed on continued buying by investors ahead of IIP and inflation data scheduled to be released later in the day. US stocks closed at record highs on Thursday as surging oil prices and strong earnings buoyed investor sentiment, giving a boost to Asian markets. Dealers said widening of positions by participants ahead of key economic data —— industrial production (IIP) for June and consumer price index (CPI) for July —— to be released after market closing today also added to the upbeat investor sentiment. At 3.05 pm, the Sensex was up 315.38 points or 1.13 per cent at 28,174.98 while the NSE Nifty was up 85.7 points or 1.00 per cent at 8,677.85. Sentiment also got a boost as foreign investors continued to buy Indian shares for a
Read more

सकारात्मक वैश्विक रुझानों के सहारे बाजार में मजबूती, निफ्टी 10,900 के ऊपर

-
सकारात्मक वैश्विक रुझानों और अमेरिकी तथा एशियाई बाजारों में मजबूती से गुरुवार को घरेलू बाजार में भी अच्छी शुरुआत हुई है। शुरुआती कारोबार में ही निफ्टी 10,900 के ऊपर आ गया है। सभी प्रमुख सूचकांक हरे निशान में हैं, जिनमें सर्वाधिक मजबूती धातु, ऊर्जा, इन्फ्रा, ऑटो, बैंक और आईटी में है। अगस्त में चीन के सेवा क्षेत्र ने शानदार प्रदर्शन किया, जबकि ब्रिटिश सांसदों ने ब्रेक्जिट में देरी के लिए एक कानून को मंजूरी दे दी है। इसके अलावा हॉन्ग-कॉन्ग में तनाव में कमी आयी है। इन खबरों से निवेशकों को राहत मिली है। बीएसई सेंसेक्स (Sensex) 36,724.74 के पिछले बंद स्तर की तुलना में बढ़ोतरी के साथ 36,821.71 पर खुला। 9.20 बजे के करीब सेंसेक्स 119.37 अंकों या 0.33% की वृद्धि के साथ 36,844.11 पर है। वहीं एनएसई का निफ्टी (Nifty) 10,844.65 के पिछले बंद स्तर के मुकाबले 10,860.95 पर खुल कर 60.60 अंकों या 0.56% की बढ़ोतरी के साथ 10,905.25 पर है। दूसरी तरफ छोटे-मॅंझोले सूचकांकों में भी मजबूती है। बीएसई मिडकैप में 0.35% और बीएसई स्मॉलकैप में 0.30% की वृद्धि है। वहीं निफ्टी मिड 100 में 0.53% और निफ्टी स
Read more

11-year data suggests bears control D-Street in September; can bulls defy odds?

-
Image
The Sensex was down 11 per cent in September 2008, 5.4 per cent in 2018 and dropped by 2.1 per cent in the same month in 2011, data from AceEquity shows. Indian markets remained in a bear grip in August and the trend is unlikely to shift towards the bulls with no big triggers expected in September, say experts. The month of September is off to a muted start, with both the Sensex and the Nifty trading below crucial support levels. The Sensex broke below 37,000 and the Nifty 11,000. Anecdotal evidence suggests that the index has given flat to negative returns in September in six of the last 11 years. The index saw a drop of more than 11 percent in September 2008, followed by 2018 when it slipped 5.4 percent, and in 2011 it dropped by 2.1 percent, data from AceEquity shows. Apart from two tall towers witnessed in 2009 and 2010, the gains in September in the 11-year period have not been that inspiring. The index rallied 10.2 percent in 2010, followed by 10.13 pe
Read more