| The stock had risen 45 per cent yesterday on widespread speculation that Sanjay Singal, the elder son of founder chairman Brij Bhushan Singal, was talking to a third party to sell his shares in the company. |
| The speculation suggested that the Aditya Birla group would buy 10 per cent stake in the company from Sanjay Singal. An Aditya Birla Group spokesperson said they would not like to comment on speculation. |
| Sanjay Singal said he had no intention of selling his stake. Neeraj Singal, managing director of Bhushan Steel, pointed out that Sanjay Singal anyway had no right to sell his shares. |
| "As per a Company Law Board (CLB) order, the status quo on the shareholding of Bhushan Steel and Bhushan Power & Steel should be maintained," he added. |
| B B Singal moved CLB in August 2006 alleging that the settlement scheme was not honoured by Sanjay Singal. He had also sought valuation of the two companies "� Bhushan Steel and Bhushan Power & Steel "� so that crossholdings between the two companies could be untangled. |
| The promoters' stake in Bhushan Steel was equally split between Brij Bhushan Singal and his two sons Neeraj Singal and Sanjay Singal when the family was spilt five years ago. |
| The group split its empire into two "� the listed Bhushan Steel and unlisted Bhushan Power and Steel. Chairman B B Singal and his younger son Neeraj manage Bhushan Steel while Sanjay is the chairman and managing director of Bhushan Power & Steel. |
| As on September 30, 2007, promoters stake in Bhushan Steel was at 64.18 per cent. |
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