The younger brother of steel magnate Lakshmi Mittal had his deal with creditors – under which he agreed to pay 0.2% of his total debts of more than $2 billion – overturned in a London court on Friday.
Pramod Mittal was declared bankrupt in June 2020 over an approximately $170 million debt owed to Moorgate Industries UK Limited, previously called Stemcor UK Limited.
The businessman entered into an individual voluntary arrangement (IVA) with his creditors in October 2020.
Joseph Curl, representing Moorgate, said in court documents filed earlier this month that Mittal's debts increased by a factor of more than 40 to almost $2.7 billion shortly before creditors voted on the IVA proposal.
Curl said loans to four of Mittal’s creditors carried "absolutely extraordinary" rates of compound interest, with interest making up more than 97% of his total debt.
Mittal’s lawyers argued Moorgate did not have any evidence to support its case that the loans were a "sham" or that they were created for a "fraudulent purpose".
However, Judge Nicholas Briggs said in a ruling that "there was a material irregularity at the meeting of creditors convened to consider [Mittal’s] proposal" and revoked the IVA.
Mittal’s lawyer, in an emailed statement to Reuters, said: "Mr Mittal is disappointed with the decision and intends to appeal.
"He has already informed the judge of his intention and there will be a further hearing in the next few weeks to consider his application for permission to appeal."
(Reuters)
FILE PHOTO: A general view shows British Steel's Scunthorpe plant, in Scunthorpe, northern England, Britain, March 31, 2025. REUTERS/Dominic Lipinski
The FBU is planning to introduce new internal policies and wants the TUC to take action as well. (Representational image: iStock)
FBU chief raises concern over rise in racist online posts by union members
THE FIRE Brigades Union (FBU) and other trade unions are increasingly concerned about a rise in racist and bigoted online comments by their own members and officials, according to Steve Wright, the FBU’s new general secretary, speaking to the Guardian.
Wright said internal inquiries have revealed dozens of cases involving members using racist slurs or stereotypes, often aimed at asylum seekers.
He said similar issues were reported in other unions, prompting a joint campaign to counter false narratives around immigration and race promoted by far-right groups online.
“People with far-right views are becoming more brazen in what they do on social media, and I’ve witnessed it with my own union around disciplinary cases and the rhetoric of some of our own members,” Wright said to the newspaper.
He added, “Some of our members and sometimes our reps have openly made comments which are racist and bigoted. In my time in the fire service, that has gone up.”
The FBU is planning to introduce new internal policies and wants the TUC to take action as well. A formal statement addressing far-right narratives will be launched at the union’s annual conference in Blackpool next month.
Wright cited the influence of social media and figures like Donald Trump and Nigel Farage as factors contributing to these incidents. “It feels like an itch that we’ve got to scratch,” he said.
The FBU barred a former official last year for allegedly endorsing racist content on X, including posts from Britain First and Tommy Robinson.
Wright also warned that the union could strike if the government moves to cut frontline fire services.