The HC is hearing a contempt petition filed by Arcelor Mittal Nippon Steel India Ltd (formerly Essar Steel India Ltd) against the two in relation with a previous order in which the latter were directed to deposit Rs 80 crore as security deposit in an arbitration dispute.
Synopsis
ArcelorMittal (formerly Essar Steel) had approached the court for urgent protective interim orders before the commencement of arbitration process under Section 17 of the Arbitration and Conciliation Act 1996.
Wikipedia
MUMBAI: The Bombay High Court has directed two companies owned by Ruias, namely Essar House Pvt Ltd (EHPL) and Essar Services India Pvt Ltd (ESIPL) to deposit collectively over Rs 82 crore within eight weeks in the court as security in two separate arbitration suits filed by ArcelorMittal Nippon Steel India Ltd.
Two companies namely Essar House Pvt Ltd (EHPL) and Essar Services India Pvt Ltd (ESIPL) had received respectively Rs 35 crore and Rs 47 crore security deposit from Essar Steel.