Senior Advocate Mukul Rohatgi appearing for Numetal submitted that although ArcelorMittal has disposed of share before submitting its resolution plan in February, but it was a promotor of Uttam Galva till March 21 on NSE and March 23 on BSE records.
“They (ArcelorMittal) continued as a promotor of the company notwithstanding of selling of their share,” he said, adding the “tag of promotor was removed in March not in February when bids were submitted”.
Arcelor Mittal was the promoter of Uttam Galva for almost nine years, even when these account got classified as an NPA.
The Insolvency and Bankruptcy Code bars participation by promoters of delinquent companies in bidding for assets being auctioned.
Later, issuing a statement, Arcelor…
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