Delhi HC directs RBI to allow JSPL to pay $55 million to its Mauritius subsidiary

 The Delhi High Court has directed the Reserve Bank of India (RBI) to allow the Jindal Steel and Power Limited (JSPL) to remit about $55 million (around Rs 4.11 billion) to its Mauritius-based subsidiary.

JSPL is seeking to remit a total $90 million to its Mauritius-based subsidiary to meet its debt obligation, which the company was supposed to pay by June 30, 2020. Also, the court has directed the company to give an undertaking that it has unencumbered assets of $100 million or more and the JSPL will shall not sell, alienate or transfer such encumber assets till next date of the hearing.

 

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