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Tata Steel Ltd.: Sanjeev Gupta sued by Tata Steel for late payments linked to $139 million deal


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Tata Steel Ltd. sued three of Sanjeev Gupta’s metal units for 7.9 million pounds ($11 million) over missed payments, piling more woes onto the embattled tycoon’s corporate empire.
The London lawsuit centers on the 2017 sale of Tata’s specialty steel business to Liberty House Group for 100 million pounds. Liberty told the Indian firm’s U.K. arm that it had run into difficulties as early as May 2020 when demand for steel was hit due to the pandemic, lawyers for Tata said in documents filed at the U.K. High Court.
Gupta’s business has been searching for funding after the collapse of Greensill Capital, its biggest lender. It looked to have secured a lifeline for his ailing steel business when terms were agreed on a 200 million-pound loan from White Oak Global Advisors LLC on Thursday. ....

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As Sanjeev Gupta rose from trader to tycoon, several banks backed away


As Sanjeev Gupta rose from trader to tycoon, several banks backed away
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As Sanjeev Gupta rose from trader to tycoon, several banks backed awayBy Jack Farchy, Mark Burton and Gavin Finch, Bloomberg
Last Updated: Apr 16, 2021, 01:21 PM IST
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Synopsis
Four banks stopped working with Gupta’s commodity trading business, starting in 2016, after they became concerned about what they perceived to be problems in bills of lading – shipping receipts that give the holder the right to take possession of a cargo – or other paperwork provided by Liberty, according to interviews with 18 people directly involved in the trades, as well as internal communications seen by Bloomberg News. ....

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