INR1,300 crore loans for INR100? Stamp duty notice to ArcelorMittal, banks.
INR1,300 crore loans for INR100? Stamp duty notice to ArcelorMittal, banks.
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Synopsis
ArcelorMittal India has been called for enquiry this month over allegations of stamp duty irregularities. Creditors of KSS Petron, a group company, have alleged irregularities in stamp duty payment in assignment of loans in the run up to its acquisition of Essar Steel under the IBC.
By N SUNDARESHA SUBRAMANIAN 4 Mins Read, Jun 13, 2025, 05:55 PM IST
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A stamp duty dispute has erupted around a 2018 financial transaction involving global steel giant ArcelorMittal and a group of banks. The Collector of Stamps of Mumbai under Maharashtra government has issued a notice for enquiry over alleged irregularities in payment of stamp duty on a loan assignment transaction dating back to 2018. In October 2018, a group of lenders of KSS Petron (KSSPL) led by the State bank of India (SBI) had assigned dues
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