MUMBAI: Bulge-bracket bidders for bankrupt companies are working overtime to ensure that they don’t fall afoul of the amended provisions of the bankruptcy law with Seema Jajodia, sister of Sajjan Jindal of the JSW Group and wife of Sandeep Jajodia, the promoter of Monnet Ispat, taking the extreme step of transferring her shares in the company as a gift. Jajodia has also requested that she be excluded from the promoter group of Monnet Ispat in a recent filing to the stock exchanges.
Explaining the reason for her action, Jajodia said she was not involved in the formation, management and control of the company from inception and that her classification of promoter was ‘incidental’ to her miniscule holding in the company.
What…
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