Uttam Galva Steels Ltd has received approvals from the BSE and NSE, for declassification of ArcelorMittal as the promoter of the company.

In a BSE filing, Uttam Galva Steels stated, “..the company has received the approval of the National Stock Exchange (NSE) and BSE Ltd for declassification of ArcelorMittal Netherlands BV as a promoter of the company.”

The company which is a part of the RBI’s second list of loan defaulters, and was referred to the bankruptcy tribunal for insolvency proceedings, has proposed a one time settlement of all dues of lenders through an upfront payment mechanism. It further, has offered to settle the Rs.5,654 crore loan default by paying 51% of the amount upfront to public sector banks so as to abort the auctioning of the company’s assets.

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