The Indian Steel Association (ISA) of top local makers of the alloy has urged New Delhi to take immediate steps to ban imports from Iran.
Increasing imports after the imposition of US sanctions on Tehran and/ via the UAE at acquisitive prices have added to the worries of Indian steel companies, should be banned since this trade can attract retaliatory measures by the US against India
There is a sudden increase in the exports from the UAE including flat steel products. This established the linkage of transhipment of Iran origin steel via the UAE.
Mr Kumar Mangalam has written a letter to Securities and Exchange Board of India (Sebi) for seeking reclassification from a promoter to a public shareholder in Kesoram Industries, a BK Birla group company.
In the letter he stated that he has no direct or indirect managerial or other control in Kesoram and does not enjoy any special rights therein. Some of his family members, including himself, were also declared and continued to be declared promoters in a few companies which are not part of the ABG and have been managed independently.
He said that with the increasing operational and regulatory complexities, it is found that his classification as a promoter of companies other than those of the Aditya Birla Group, would have compliance challenges.
According to filings with the BSE, Kumar Mangalam directly holds 300 shares in Kesoram. His entire holding including family and entities is less than 0.0035 per cent shareholding in Kesoram Industries, which is a company forming part of BKB.