Lawyers said founders like Ruias of Essar Steel could approach the courts as the ordinance forces them to surrender their companies to rivals. Photo: MintMumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country. Exiled promoters may legally test ordinance barring their rebidSome of the promoters of companies facing insolvency proceedings may legally test the new ordinance on bankruptcy code, which has barred them from regaining control of these entities when the assets go under the hammer. Lawyers said founders like Ruias of Essar Steel could approach the courts as the ordinance forces them to surrender their companies to rivals, reports Business Standard. Read moreEFSL raises Rs1,527 crore through QIPEdelweiss Financial Services (EFSL) has raised Rs1,527.75 crore through the qualified institutional placement (QIP) route, reports PTI.

Source: Mint November 24, 2017 05:15 UTC