Sterling Biotech: Court Declares Sandesara Brothers Fugitive Economic Offenders
Delhi's Patiala House Court on Monday declared four directors of Sterling Biotech Limited as fugitive economic offenders in a bank fraud case, thereby paving the way for confiscation of their properties.
 
The Sandesara brothers—Nitin Jayantilal Sandesara and Chetan Jayantilal Sandesara, along with Dipti Chetan Jayantilal Sandesara and Hiteshkumar Narendrabhai Patel—are now fugitive economic offenders, additional sessions judge Dharmender Rana stated in the order.
 
The order was passed on an application filed by the Enforcement Directorate (ED) asserting that the accused have fled from the country and are evading the process of law to face criminal prosecution. It was further argued that they have chosen deliberately not to return to the country and face trial.
 
The court held that the conduct of the four accused, unambiguously establishes on record that they have left India to avoid criminal prosecution and they are deliberately avoiding returning to India to face the instant prosecution.
 
"I have no hesitation in observing that this court is satisfied that the petitioner has successfully pleaded and proved that the respondents herein are fugitive economic offenders," the court stated.
 
The ED registered a money laundering case against the Sandesara brothers and others in August 2017 after a case of alleged bank fraud of Rs5,700 crore was filed against them by the Central Bureau of Investigation (CBI).
 
The ED probe revealed that the Sandesara brothers and others hatched a criminal conspiracy to cheat banks by manipulating figures in the balance sheets of their flagship companies and induce banks to sanction higher loans.
 
The agency has also attached properties to the tune of Rs 9,778 crore of Sterling Biotech in its investigation against the pharmaceutical company and others involving domestic and offshore branches of Indian banks in 2004-12.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    ArcelorMittal to sell its US ops to Cleveland-Cliffs for $ 1.4 bn
    ArcelorMittal has signed a definitive agreement to sell 100 per cent stake in ArcelorMittal USA to Cleveland-Cliffs Inc for around $1.4 billion in both cash and stock.
     
    ArcelorMittal, in a statement on Monday, said that around one third of the consideration is in upfront cash -- $505 million and the remaining two-third of the consideration is in the form of equity.
     
    Further, Cleveland-Cliffs will assume the liabilities of ArcelorMittal USA, including net liabilities of approximately $0.5 billion and pensions and other post-employment benefit liabilities which Cleveland-Cliffs values at $1.5 billion.
     
    Cleveland-Cliffs said in a statement that it will acquire ArcelorMittal USA on a cash-free and debt-free basis, with a combination of 78.2 million shares of Cleveland-Cliffs common stock, non-voting preferred stock with an approximate aggregate value of $373 million, and $505 million in cash.
     
    With the transaction, ArcelorMittal USA has achieved "favourable" valuation due to the high synergistic potential of the combined company, the ArcelorMittal statement said.
     
    Lakshmi Mittal, Chairman and CEO of ArcelorMittal, said: "This transaction is a unique opportunity for ArcelorMittal to unlock significant value for shareholders while retaining exposure to the North American economy through our high-quality NAFTA assets alongside a participation in what will be a stronger, better integrated, US business."
     
    "I would like to thank all employees of ArcelorMittal USA for their hard work in ensuring the business maintained its reputation as a trusted, quality supplier of steels for American manufacturing. I am confident you will have a bright future with Cleveland-Cliffs," he said.
     
    Aditya Mittal, President and CFO, ArcelorMittal, said that the transaction also completes the steel major's $2 billion asset portfolio optimisation target and enables it to return cash to the shareholders.
     
    Lourenco Goncalves, President and CEO of Cleveland-Cliffs, said: "Steel-making is a business where production volume, operational diversification, dilution of fixed costs, and technical expertise matter above all else, and this transaction achieves all of these. ArcelorMittal is a world class organisation that we have long admired as our customer and our partner, and we know for a fact that they have taken good care of their US assets."
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    MCA Extends Several COVID-related Reliefs for Companies till December
    The ministry of corporate affairs (MCA) extended till 31 December 2020, the timelines for several relaxations on compliance norms and schemes rolled out to provide relief and support to companies amid the pandemic.
     
    After the decisions, the Companies Fresh Start Scheme, 2020 will be valid till 31st December from 30th September and the board meetings of companies can be held through video conference or other audio-visual mechanism till the end of this year.
     
    "The Ministry of Corporate Affairs has extended the duration of several schemes till 31.12.2020 in view of the continued disruption caused due to the COVID-19 pandemic in certain parts of the country and to provide greater Ease of Doing Business," the office of finance minister Nirmala Sitharaman said in a tweet.
     
    The ministry had introduced the Companies Fresh Start Scheme, 2020, valid from 1 April 2020 to September 2020, to enable companies to make good their previous defaults. This scheme has now been extended till 31 December 2020.
     
    Another scheme introduced amid the pandemic LLP Settlement Scheme, 2020, was valid from 1 April 2020 to 13 June 2020 and was later extended till 30 September 2020. This scheme too has been further extended to December 31, 2020 to enable LLPs to make good their previous defaults.
     
    "The Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 and the time for conducting EGMs through Video Conference or Other Audio Visual Means also stand extended till 31.12.2020," said another tweet by  Ms Sitharaman's office.
     
    The MCA has also extended the time within which independent directors of companies have to register themselves on the data bank maintained by the IICA (Indian Institute of Corporate Affairs) from 30 September 2020 to 31 December 2020.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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