UK court declares Lakshmi Mittal’s brother Pramod Mittal bankrupt with debts of over 130 million pounds
The trouble for Pramod Mittal started after British steel trading and distribution company Stemcor pursued him for the £166 million debt owed to them.
In India rich borrowers are insulated from bankruptcy proceedings thanks to the veil of incorporation
Hillary Clinton says Donald Trump's economic policies are a "recipe" for lower wages, fewer jobs and more debt, warning union members that he could "bankrupt America like he's bankrupted his companies."
Mohammedan Sporting have opted against playing in the second division I-League and the club has also pulled out of Durand Cup football tournament, beginning October 28, apparently due to financial crisis.
In a major blow to Indian football, one of the oldest clubs, Mohammedan Sporting has decided to shut shop after going bankrupt.
Employees have been given time till December end to inform the carrier of their choice, they added.
Vineet Bhatnagar, managing director of MF Global Sify Securities, the Indian arm of the US brokerage said that Indian operations are not disrupted due to global news.