For informative analysis by Harshil Shah on whether there would be any thing for Public share holders of Essar Steel.
In a stock exchange submission, Ultratech has declared Binani cement as WHOLLY OWNED SUBSIDIARY. This is despite there are many other shareholders of Binani cement.
Since there is no money left after paying creditors, it seems Ultratech has cancelled all preference shares and equity shares of shareholders of Binani cement considering them as WORTHLESS.
If it is so, Arcelor may also do same with Essar shareholders once take over is completed since in Essar case even creditors aren't fully paid off.
Please recheck at your end.
Caution :The blog writer used to have personal/ family members' holdings in Binani Cement,so please make suitable "provisions " for likely over optimism
( PS : All information given in good faith. Please recheck all facts etc. No responsibility with this author / blog. )