Businessman Pramod Mittal, younger brother of steel tycoon Lakshmi Mittal, will deposit Rs 100 crores as arbitral award by April 30, 2018, "out of the balance agreed principal amount payable under the award of Rs 751.32 crore", his advocate Kapil Sibal informed a SC bench of justices J Chelameswar and S K Kaul.
Mittal has to pay Rs 751.32 crore to State Trading Corporation of India Ltd (STCI) in pursuance of an award passed in favour of the PSU.
The PSU and the M/S Global Steel Holding Ltd. had been involved in some financial dispute.
"On honouring the commitment, the attorney general appearing for the petitioner (State Trading Corporation of India Ltd), states that they would examine the feasibility of settling the balance amount in appropriate installments," the court noted in its order.
The top court has now fixed the matter for further hearing on May 8, when the STCI would be asked as to whether it was agreeable to receive the rest of award amount in installments.
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STC fraud case: Mittal to pay Rs 100 crore by end-April
By IndianMandarins - 2018-03-23 10:06:33
Businessman Pramod Mittal, younger brother of steel tycoon Lakshmi Mittal, will deposit Rs 100 crores as arbitral award by April 30, 2018, "out of the balance agreed principal amount payable under the award of Rs 751.32 crore", his advocate Kapil Sibal informed a SC bench of justices J Chelameswar and S K Kaul.
Mittal has to pay Rs 751.32 crore to State Trading Corporation of India Ltd (STCI) in pursuance of an award passed in favour of the PSU.
The PSU and the M/S Global Steel Holding Ltd. had been involved in some financial dispute.
"On honouring the commitment, the attorney general appearing for the petitioner (State Trading Corporation of India Ltd), states that they would examine the feasibility of settling the balance amount in appropriate installments," the court noted in its order.
The top court has now fixed the matter for further hearing on May 8, when the STCI would be asked as to whether it was agreeable to receive the rest of award amount in installments.
