Annual Outcomes

Will pay Rs 800 crore more to STC by November-end: NRI Pramod Mittal tells SC

NRI businessman Pramod Mittal told the Supreme Court that he would pay another sum of Rs 800 crore to the State Trading Corporation of India by the month end in lieu of dues owed to the state-owned company for supplying raw material to his company Global Steel Philippines. STC has been locked in a bitter legal battle with Global Steel Holding Ltd. (GSH), the parent company headed by Mittal, since 2005 over the dues. GSH was the guarantor in the contract and blamed the default on the meltdown in the steel sector. The bench permitted Mittal to deposit the dues and directed that no coercive steps be taken in the interim. It is made clear that non-payment will be viewed seriously. List on November 29, 2018, for further hearing.

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