ArcelorMittal has tabled its representatives – Sanjay Sharma, CEO of ArcelorMittal India and China; Kalyan Ghosh, CFO at ArcelorMittal India and Vijay Krishna Goyal, vice president at ArcelorMittal; to the monitoring committee even as a couple of senior executives exited the firm who were close to the preceding management, said a person close to the company. Previously, ArcelorMittal’s Rs. 42,000 crore proposal for the Gujarat based manufacturer Essar Steel was approved by the insolvency court last month.
The National Company Law Appellate Tribunal’s (NCLAT) directive consists of three executives from ArcelorMittal, three from the banks – ICICI, IDBI, State Bank of India and Edelweiss and a resolution professional, Satish Kumar Gupta, who is also the chairman of the committee.
At the same time, Suresh Jain, CFO of Essar Steel also resigned last week. He has been linked to the company since 2008 when he was appointed as CFO of Essar Oil and then becoming CFO of the Essar Steel when the oil refinery was sold to Rosneft in 2017.
Read EquityPandit’s Nifty Metal Outlook for the Week