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<ul><li>India's Supreme Court ruled status quo on the sale of Essar Steel to ArcelorMittal. </li><li>Essar Steel's lenders had appealed against the verdict of National Company Law Appellate Tribunal. </li><li>The NCLAT verdict had put banks at par with other suppliers who were owed money from the bankrupt Essar Steel. </li><li>ArcelorMittal had offered ₹42,000 crore to Essar Steel's lenders and promised to invest another ₹8,000 crore in the company. </li></ul> The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. Finally, in June 2019, it's $6.1 billion bid for the bankrupt steel company, owned by the Ruia family, was approved by a lower court but the Supreme Court of India has put the proposal on hold once again. A bench headed by Justice Rohinton F. Nariman admitted the appeals by Essar Steel lenders and ArcelorMittal challenging the order of the National Company Law Appellate Tribunal (NCLAT). The share price of ArcelorMittal jumped over 3.7% in trade in Amsterdam. The court said it will conduct detailed hearing on the contentions made in the appeal and also look into the issues emerging from the verdict after two weeks. ArcelorMittal had offered ₹42,000 crore to Essar Steel's lenders and promised to invest another ₹8,000 crore in the company. Banks were hoping to get a lion's share of the money for what Essar Steel had owed them but then the NCLAT order had put the banks at par with other suppliers of the company at par with the suppliers with unpaid dues. Essar Steel is under a debt of ₹30,030 crore to financial creditors and ₹11,969 crore to operational creditors. The tribunal has asked the committee of creditors to engage professional firms to finalise the exact amount to be distributed among each operational creditor. In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers would have received 60% of the dues. However, the standoff between the lenders and the vendors has not landed in the Supreme Court putting on hold steel tycoon's bid for the bankrupt Essar Steel once again. SEE ALSO: <a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cmshttps://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a>

ArcelorMittal's $6.1 billion bid for Essar Steel is on hold again

<keyword id="11911527" type="General" weightage="100" keywordseo="akasa-air" source="Orion">Akasa Air</keyword>, which started operations less than a month ago, has suffered data breach resulting in certain customer information being accessed by unauthorised individuals. The airline on Sunday apologised for the data breach and said the incident has been "self-reported" to the nodal agency, the Indian Computer Emergency Response Team (CERT-In). Akasa Air also said that based on its records, there was "no intentional hacking attempt" but has advised users to be conscious of possible phishing attempts. In a communication posted on its website, the airline said a temporary technical configuration error related to its login and sign-up service was reported on August 25. "As a result, some Akasa Air registered user information limited to names, gender, e-mail addresses and phone numbers may have been viewed by unauthorised individuals. "We can confirm to you that aside from the above details, no travel-related information, travel records or payment information was compromised," it said. On being made aware of the incident, Akasa Air said it immediately stopped this unauthorised access by completely shutting down the associated functional elements of its system. Subsequently, having added additional controls to address this situation, we have resumed our login and sign-up, the communication said. "We would like to clarify that basis our records there was no intentional hacking attempt, but that the situation was reported by a research expert through a journalist for which we are grateful," Akasa Air's Co-Founder and Chief Information Officer <keyword id="936815" type="General" weightage="50" keywordseo="anand-srinivasan" source="Orion">Anand Srinivasan</keyword> said in a statement. He also said the information was proactively shared with customers who could have been potentially impacted. Specific details about the incident could not be immediately ascertained. The system security and protection of customer information is paramount at the airline, <keyword id="45963" type="General" weightage="50" keywordseo="srinivasan" source="Orion">Srinivasan</keyword> said. "While extensive protocols are in place to prevent incidents of such nature, we have undertaken additional measures to ensure that the security of all our systems is even further enhanced," he said in the statement. Akasa Air also said the system security and protection of customer information is paramount. "We sincerely apologise to you for any inconvenience caused as a result of this," it added. Akasa Air, the first Indian carrier to be launched in nearly a decade, operated its inaugural flight on August 7 from Mumbai to Ahmedabad. <keyword id="14837504" type="General" weightage="50" keywordseo="billionarie-rakesh-jhunjhunwala" source="Orion">Billionarie Rakesh Jhunjhunwala</keyword>, who passed away earlier this month, had made substantial investment in the airline. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/financial-bids-for-reliance-capital-to-be-submitted-on-monday/articleshow/93845467.cms">Financial Bids for Reliance Capital to be submitted on Monday</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/arcelor-mittal-nippon-steel-signs-19000-crore-deal-to-buy-essars-port-and-power-assets/articleshow/93804544.cms">Arcelor Mittal Nippon Steel signs ₹19,000 crore deal to buy Essar's port and power assets</a>

Akasa Air suffers data breach, asks passengers to be conscious of phishing attempts

<ul><li>The National Companly Law Appellate Tribunal has allowed ArcelorMittal's bid for bankrupt Essar Steel.</li><li>The order also sets precedents on how the sale proceeds shall be distributed and limits the discretion available to the committee of creditors.</li><li>Lakshmi Mittal has been fighting to take over Essar Steel for over two years now.</li></ul> Global giant Arcelor Mittal had made a bid for a bankrupt Indian company Essar Steel. Simultaneously, the order also sets precedents on how the sale proceeds shall be distributed and has redefined the status of different kinds of companies that a bankrupt company owes money to. The order has said put financial creditors, like banks that lend money, at par with operational creditors (suppliers awaiting payment). In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers will get 60% of the dues from the about ₹42,000 crore offered by ArcelorMittal. However, the committee of creditors that will approve the resolution plan for a bankrupt company does not include the suppliers. The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e" data-type="tilCustomLink" target="_blank">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. The former promoter of the bankrupt company has not given up yet despite his bid to settle the case and regain control has been ruled out. "t appears that new facts regarding ineligibility under Section 29A, which emerged only after the previous judgement of the Supreme Court, have not been given due consideration," an <a href="https://www.livemint.com/companies/news/appellate-tribunal-rejects-ruias-plea-in-essar-steel-case-1562236908498.html" data-type="tilCustomLink" target="_blank">Essar Steel spokesperson told the Mint</a>. SEE ALSO: <a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms" data-type="tilCustomLink" target="_blank">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a>

ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more

There is an opportunity for <a href="http://www.businessinsider.in/searchresult.cms?query=software+exporters+">software exporters</a> in India as about $250 billion worth of deals in the sector are set to be renewed over the course of next 36 months. 
 Several outsourcing contracts worth at least $1 billion each from companies such as US retailer Gap and <keyword id="120748" type="CITY" weightage="60" keywordseo="British-Telecom">British telecom</keyword> firm <a href="http://www.businessinsider.in/searchresult.cms?query=Vodafone+">Vodafone</a> are coming up for renewal in the next one year. 
 
Therefore, home-grown software exporters such as <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Consultancy+Services+%28TCS%29+">Tata Consultancy Services (TCS)</a> and <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> are preparing themselves to grab the deals from incumbent multinational rivals such as IBM and <a href="http://www.businessinsider.in/searchresult.cms?query=Hewlett-Packard+">Hewlett-Packard</a> and increase market share over these companies. 
 
Data from outsourcing advisory ISG suggests that at least six such deals will expire in 2016 and another nine deals with a total contract value of at least $500 million each from customers such as <a href="http://www.businessinsider.in/searchresult.cms?query=Arcelor-Mittal+">Arcelor-Mittal</a> and <keyword id="195234" type="COMPANY" weightage="60" keywordseo="BAE-Systems">BAE Systems</keyword> will also come up for renewal during this period. 
 The increasing number of contract expirations each year directly results from specific market trends. “We've seen the number of outsourcing transactions increase dramatically over time. At the same time the average duration of contracts has declined. As a consequence, contract expirations are occurring at a faster rate," said <keyword id="267192" type="PERSON" weightage="80" keywordseo="Dinesh-Goel">Dinesh Goel</keyword>, partner and India head at ISG. 
 
Even as IBM and HP are expected to strive to renew these contracts, India's top outsourcing firms fancy their chances, having already grabbed significant market share from their multinational rivals over the past five years. 
 
According to another ISG report, Indian IT firms increased their share of the market to 27.1% during January-June, from 23.6% a year ago. This again came at the cost of European rivals such as <a href="http://www.businessinsider.in/searchresult.cms?query=Capgemini+">Capgemini</a> and <keyword id="327292" type="COMPANY" weightage="60" keywordseo="Atos">Atos</keyword>. 
 Executives from both Indian and multinational firms are focusing on <keyword id="15492" type="CITY" weightage="80" keywordseo="Vodafone">Vodafone</keyword>'s $1 billion contract with IBM which will expire early next year. It is being reported that preliminary discussions to renew the contract have already been started. 
 
"There is no question that incumbency isn't what it used to be - the non-incumbent win rate on competitive restructuring and renewal deals stands at over 60%," said Goel, adding India-heritage firms have been the significant beneficiaries of this trend as a winning provider. 
 
Indian IT firms have aggressively snatched large contracts by adopting tactics such as heavy upfront payments while bidding for large billion-dollar outsourcing deals and also using price to undercut rivals. 
 
At a time when investors are worried about the economic slowdown in China triggering a global meltdown and with technology spending set to drop at least 5.5% this year, India's top IT services firms will chase these upcoming deals even more aggressively, executives said. 
 
(Image: Indiatimes)

You Searched For "Arcelor Mittal bid" and got 4 results

ArcelorMittal's $6.1 billion bid for Essar Steel is on hold again

Sriram Iyer

Akasa Air suffers data breach, asks passengers to be conscious of phishing attempts

PTI

ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more

Sriram Iyer

The time is ripe for contract renewal! Infosys and TCS are ready to grab billion dollar deals

BI India Bureau

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