Special Judge O P Saini, who is exclusively dealing with cases arising out of the 2G spectrum scam, also issued production warrants against Unitech Ltd MD Sanjay Chandra and Bollywood producer Karim Morani, who were absent as they are in judicial custody in other cases. While Chandra is in Tihar Jail in connection with several cheating cases against his real estate firm Unitech Ltd, Morani is in a Hyderabad jail in a rape case.
They have just spun out the power and oil interests from their sprawling Essar conglomerate, one of India's largest, and floated it on the London stock market as Essar Energy , in the biggest UK listing in more than two years. Indian names now figure prominently on the league tables of the wealthiest people on the planet.
With the completion of our capex programme, we now look forward to a period of growth in our wider portfolio of businesses". Ruia also clarified that the Indian lenders including Life Insurance Corporation will only receive Rs 4, crore in repayment with the rest of the debt passing on to new buyers.
NuMetal Ltd, which has bid for bankrupt Essar Steel Ltd, is willing to drop Rewant Ruia as a consortium partner if the situation so demands, a top official of the company said in an interview. The Insolvency and Bankruptcy Code IBC has barred owners and associates of defaulter companies from bidding for distressed assets when they are sold to raise cash for creditors.
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