Essar Steel Electrosteels Bhushan Steel face closure or sale

first_imgEmployees walk past an Essar Group logo outside their headquarters in Mumbai May 20, 2013.Reuters/VIVEK PRAKASH/FILESBanks took a significant step on Thursday in recovering money from chronic defaulters Essar Steel, Bhushan Steel and Electrosteel Steels when they decided to refer the three companies to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC). The three companies apparently owe around Rs 1 lakh crore (Essar Steel: ~Rs 37,284 crore, Bhushan Steel: ~Rs 44,478 crore and Electrosteel Steels: ~Rs 10,280 crore) to banks.The three companies are among the 12 defaulters identified by the Reserve Bank of India (RBI) for immediate steps to recover the loans from them.”Most likely, we will be filing the case at the NCLT soon. We know all the cases by now. The meetings are largely to finalise the application which banks will be filing to NCLT given that there is more legal backing,” said, citing two bankers. Once referred to the NCLT, the case will have to be resolved within three months in terms of either a sell-off of assets or revival or closure. The combined production capacity of the three steel companies is about 18 million tonnes per annum, or MTPA (Essar Steel 10 MTPA; Bhushan Steel 5.6 MTPA and Electrosteel 2 MTPA).Bhushan Power, which owes about Rs 37,000 crore, will be under focus on Friday as the IDBI Bank is expected to take up the case for future course of action.At around 10.10 am on Friday morning, Bhushan Steel was up 2.75 percent at Rs 71 while Electrosteels Steel was down 6.56 percent to Rs 4.13; Essar Steel is no longer listed on the stock exchanges.The BSE Sensex was down 75 points to 31,215, dragged by Tata Steel, Hero Motocorp and ONGC.The combined production capacity of the three steel companies is about 18 million tonnes per annum.Essar Steel belongs to the Ruias who have interests in oil refinery, shipping and logistics, Bhushan Steel is headed by Brij Bhushan Singal and Neeraj Singal while Electrosteels Steel’s managing director is Umang Kejriwal. Electrosteel’s promoters hold 45 percent stake in the company and 79 percent of the shares have been pledged, according to shareholding pattern details as of March 31 2017.last_img read more

6 Easy Tips to cure your skin dryness

first_imgPeople often complain of skin dryness and opt for varied beauty products to cure it. Avoiding long, hot shower bath or drinking at least two litres of water can help you rid the problem. shares tips to take care of dry skin.Avoid long, hot shower bath – True, that hot water bath relieves stress but it can also make your skin dry. Hot water reduces natural oils from body much faster than lukewarm or cold water.Use a gentle cleanser or shower gel with moisturiser – Cleanser or nice shower gels make skin smoother and removes dryness. Also Read – ‘Playing Jojo was emotionally exhausting’Use good moisturiser – If face is moisturisd properly using a good moisturiser, it helps make skin soft and smooth. Moisturisers lock in moisture and help reduce dryness.Drink plenty of water – Experts recommended to drink two litres of water every day. Drinking plenty of water will ensure your body can produce  the minerals it needs to function properly. Eat healthy – Food items or ingredients like fish (salmon and sardines), flax and walnuts help maintain body’s natural oils. Eat food items, which contain Omega-3 acids that produce natural oil and minerals to keep your body healthy. Exfoliate – Dry skin can produce dead skin cells so it is important to exfoliate weekly to get rid of these cells so your body can produce new ones.last_img read more