Two Essar firms to deposit Rs 82 cr over ArcelorMittal suit

24 Dec 2020 CW Team

The Bombay High Court has directed Essar House Pvt Ltd (EHPL) and Essar Services India Pvt Ltd (ESIPL), owned by the Ruias, to deposit more than Rs 82 crore in the next eight weeks in the court. This is for the two separate arbitration suits filed by ArcelorMittal Nippon Steel India Pvt Ltd.

Essar House Pvt Ltd (EHPl) had received Rs 35 crore security deposit from Essar steel. Whereas, Essar Services India Pvt Ltd (ESIPL) received Rs 47 crore security deposit.

ArcelorMittal approached the court for immediate protection before the arbitration process began. This is under Section 17 of the Arbitration and Conciliation Act 1996.

As per two separate court orders, Essar Steel entered into a rental agreement with Essar Housing. It was done to occupy the ground floor and 20 upper floors of Essar House, located in Mahalakshmi, Mumbai. ESIPL provided the management, administrative as well as accounting services to Essar Steel.

Moreover, ArcelorMittal was seeking a refundable security deposit that the company had paid to these two companies. It was payable upon termination of the contract.

However, both the companies refused to refund the money on the basis that they novated its obligation in the bilateral agreement. It was later on used to settle with their liability to make any repayment.

There was a clause of arbitration with both parties; ArcelorMittal invoked the clause and approached the high court to secure the amount.

Infrastructure Urban

06 Nov 2025

Concord Control Systems Limited Reports ~85% YoY Growth in H1 FY26

Concord Control Systems Limited (BSE: CNCRD | 543619), India’s leading manufacturer of embedded electronic systems and critical electronic solutions, announced its unaudited financial results for the half year ended September 30, 2025.Financial Highlights – H1 FY26 (YoY Comparison)Revenue from Operations rose to ₹815.45 million, up from ₹497.53 million in H1 FY25, marking a 63.90% year-on-year growth.EBITDA increased to ₹217.34 million, compared to ₹142 million in the same period last year.EBITDA Margin stood at 26.65%, compared to 28.54% in H1 FY25, with the decline attributed to ..

Gateway Distriparks Announces Q2 FY25 Results

Gateway Distriparks Limited (GDL), one of India’s leading multimodal logistics providers, announced its financial results for the quarter ended 30 September 2025.For Q2, the company reported total revenue of INR 154.8 crore (H1: INR 316.9 crore), EBITDA of INR 20.56 crore (H1: INR 45.65 crore), PBT of INR –4.23 crore (H1: INR –0.28 crore), and PAT of INR –2.91 crore (H1: INR –0.37 crore). The company stated that these numbers reflect the consolidation of accounts following Snowman Logistics transitioning from an associate company to a subsidiary in December 2024.Commenting on the per..

Last-Mile Connectivity a Prime Focus, Says Ms. Ashwini Bhide,

The IMC Chamber of Commerce and Industry (IMC) hosted a high-impact Managing Committee session today on the theme “Mumbai Metro: Transforming Connectivity and Commuting.” The session featured an insightful address by Ms. Ashwini Bhide, Managing Director, Mumbai Metro Rail Corporation Ltd. (MMRCL), who shared updates on key transport infrastructure developments across Mumbai and the MMR region.Emphasising the city’s critical economic role, Ms. Bhide noted, “Mumbai is the economic powerhouse of Maharashtra, with more than 95% of the region’s population living in urban areas. As Maharas..