Helping Promod Kumar Mittal to avoid legal troubles, Laksmi Niwas Mittal cleared the dues upon brother Pramod which he owed to the State Trading Corporation of India Ltd. This is the second instance in as many weeks of wealthy siblings bailing their brother out from the crisis.
Pramod Mittal owner of Global Steel Holdings thanked his brother’s generosity in helping him clear an important part of Rs 2,210 crore dues. Pramod said, “I am very grateful to my brother Lakshmi Mittal for helping settle the liabilities to State Trading Corporation of India. This generosity ensured compliance with the order from the Supreme Court.”
In a statement, it is said, “state Trading Corporation of India had filed and/or caused to be filed diverse proceedings against Global Steel Holdings, Global Steel Philippines, Pramod Mittal, and others in order to recover such sum.”
It added that Pramod Mittal has paid and/or caused to be paid an aggregate sum of Rs 2,210 crore to State Trading Corporation, inclusive of the aforesaid Rs 1,605 crore as well as post-award interest, in full and final settlement of State Trading Corporation’s claim and now no amount is due and payable to State Trading Corporation and all the proceedings have been settled.