Delhi HC directs RBI to allow JSPL to pay $55 million to its Mauritius subsidiary
In a major relief for Jindal Steel & Power (JSPL), the Delhi High Court has directed the Reserve Bank of India (RBI) to allow the Naveen Jindal promoted firm to remit about $55 million (around Rs 411 crore) to its Mauritius-based subsidiary.The company is seeking to remit a total $90 million to its subsidiary Jindal Steel and Power (Mauritius) to meet its debt obligation, which the company was supposed to pay by June 30, 2020.However, the Court has in its order said that the relief is conditional and the JSPL will have to furnish the undertaking from the board of director that if for some reason this court passes a direction to the company to deposit the remitted amount of around $90 million, the company will immediately deposit the same am.....