It is alleged on behalf of the Tata Group that Sanjeev Gupta has consistently missed payments on the deal and has also failed to give any concrete reason for it.
Sanjeev Gupta Tata Steel Deal
Indian-origin British businessman and founder of Liberty House Group Sanjeev Gupta has been sued by Tata Group company Tata Steel for $ 1.1 million. Actually, the matter is related to a 2017 deal. It is alleged that Sanjeev Gupta has delayed the payment of 3 metal units in the deal. Now the difficulties of this businessman of Indian origin are going to increase.
Sanjeev Gupta is the CEO and chairman of GFG Alliance, along with being the founder of Liberty House Group. The GFG Alliance operates primarily in the steel and mining industries. This matter is also related to metal supply related to mining.
The deal was done for $ 13.9 million
A deal was signed between Tata Steel and Sanjeev Gupta’s company for the sale of the steel business in 2017. But when the matter is not settled among themselves, a case has been made against the company. The trial of 3 steel units of Sanjeev Gupta by Tata Steel in London is focused on the 2017 deal. This is the second lawsuit done by the company within a month. The Tata Group is demanding an additional £ 10 million if Liberty House Group is not paid by May 1. On which Liberty says that the company is struggling with difficulties.
The company made a miss payment
It is alleged from the Tata group that Sanjeev Gupta has consistently missed payments on the deal and has also failed to give any concrete reason for it. Tata lawyers have said in documents filed in the UK High Court that the Liberty House Group has told the UK branch of Tata Steel that the group has been struggling since May 2020, when the demand for steel caused a major setback due to the COVID 19 epidemic. Was thought At the same time, Sanjeev Gupta’s company is now looking for other options for funding in the business.
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