In two separate petitions, Renaissance Steel said both Tata Steel and Vedanta group were found guilty of criminal misconduct punishable with two or more years in jail. Renaissance Steel has alleged that Tata Steel UK Ltd, a subsidiary of the Indian steel maker, had pleaded guilty several times to violating the UK Health and Safety at Work Act. The development comes a day after Tata Steel emerged the top bidder for Bhushan Steel, India’s top auto-grade steel maker. That bid, too, could also suffer if Renaissance Steel’s objection to its bid for Electrosteel Steels is upheld in court. Enough information is available in the public domain which questions the eligibility of both the companies, Renaissance Steel said.
Source: Mint March 08, 2018 20:53 UTC