Companies

Apex court notices to Sesa Goa, IFCI on Bellary Steel buyout

| | Updated on: Apr 18, 2011

The Supreme Court today issued notices to Sesa Goa and financial institution IFCI on a plea by JSW Steel challenging the Delhi High Court's approval to the Vedanta Group company's Rs 220-crore bid to buy out Bellary Steel and Alloys (BSAL).

A Bench comprising Mr Justice Altamas Kabir and Mr Justice Cyriac Joseph issued notices to Sesa Goa and Industrial Financial Corporation of India (IFCI) directing them to file their replies within three weeks. The apex court also directed the parties concerned to maintain status quo as of today till the next date of hearing.

JSW Steel challenged the orders of the Delhi High Court which had approved the Rs 220-crore bid of Vedanta Group company and directed IFCI to sell the debt-ridden Bellary Steel to Sesa Goa.

Last month, Sesa Goa had said that it has acquired the assets of BSAL, put on the block by a consortium of lenders led by IFCI for Rs 220 crore. The assets of the acquired company have been transferred on “as-is-where-is” basis to Sesa Goa effective March 22, the Vedanta Group firm had said in a statement.

Published on April 18, 2011

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