Bhushan Power And Steel

Special Court in Delhi has granted bail to Aarti Singal, the former Director of Bhushan Power and Steel Limited (BPSL) in the fraud case of Rs 5,500 crores.The case is being investigated by the Serious Fraud Investigation Office (SFIO).Singal was arrested by SFIO on March 21, 2022 and was produced before the Special Court in Dwarka on March 22, 2022.Special Judge Sumit Das on March 28, while passing the order, said that no independent role of Aarti Singhal has been brought out on record by SFIO except that she has, jointly with her husband, signed cheques or issued instructions to the bank for issuance of Demand Draft (DD).The court also observed that Aarti Singal deserves to be granted the benefit of special status to woman as provided under provisions of Section 437 and Section 212(6) of the Companies Act, 2013 taking into consideration her role of being a passive woman director is concerned.Taking into consideration the enabling provision to Section 212(6) of the Companies Act ...

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Shares of JSW Steel on Tuesday gained 5 per cent after the company said it has paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd towards the implementation of resolution plan for acquiring the firm. The stock jumped 5.08 per cent to close at Rs 467.55 on BSE. During the day, it gained 5.62 per cent to Rs 470. On NSE, it rose by 4.99 per cent to settle at Rs 467.45. With the move, JSW Steel has closed the acquisition of Bhushan Power & Steel Ltd (BPSL). "Pursuant to the implementation of resolution plan, the inter-alia included payment of Rs 19,350 crore to the financial creditors of BPSL and merger of SPV with BPSL, PSL (Piombino Steel Ltd) holds 100 per cent equity shares in BPSL," JSW Steel had said in a BSE filing on Friday. Markets were closed on Monday for Holi.

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The National Company Law Appellate Tribunal (NCLAT) on Monday gave JSW Steel Ltd immunity from all criminal investigations after its takeover of Bhushan Power & Steel Ltd, whose assets were sought to be attached by the Enforcement Directorate (ED) over alleged bungling by former management. A two-member NCLAT bench headed by Justice S J Mukhopadhaya also declared attachment of assets of insolvent Bhushan Power & Steel Ltd (BPSL) by the ED as "illegal and without jurisdiction". Billionaire Sajjan Jindal-led JSW Steel had moved the appellate tribunal seeking to extinguish all present and future liabilities on account of criminal investigations against Bhushan Power & Steel, contending that an absence of any such protection would jeopardise the feasibility and viability of its resolution plan. JSW Steel had made the highest bid of Rs 19,700 crore for the takeover of BPSL. While the government had in December amended the insolvency law to ring-fence a corporate debtor, after ..

The Enforcement Directorate had on Friday filed a charge sheet against Singal and others before a special Prevention of Money Laundering Act (PMLA) court here.

The ED recently attached assets worth Rs 4,025 crore of Bhushan Power and Steel Limited (BPSL).

The attachment by the ED was made under PMLA and is being legally tested before the National Company Law Appellate Tribunal (NCLAT) at a time when it is in the final lap of resolution under IBC

While the ED is of the opinion that it can attach the property of BPSL under the Prevention of Money Laundering Act (PMLA), the corporate affairs ministry has been maintaining that ED can not do so

Appellate tribunal also asks ED to release all attached assets immediately to RP of Bhushan Power, bars further attachment

The total value, under the provisional order for attachment, is Rs 4,025.23 crore.

The NCLT also rejected the objections raised by Tata Steel over the bids submitted by JSW and its erstwhile promoters

The resolution plan for Bhushan Power and Steel, facing insolvency proceedings, is likely to be finalised this month, the IRP for the firm Mahender Kumar Khandelwal said today. His comments come amid the Indian arm of Belgium-headquartered accounting and advisory firm approaching the Bombay High Court to initiate arbitration proceedings against Khandelwal, who quit BDO India as partner in January to join rival PwC. "Resolution plans for Bhushan Power & Steel Ltd are already in the process and the same are likely to be finalised within March 2018," Khandelwal told PTI. He is the interim resolution professional (IRP) for the company. In an e-mail response to PTI, BDO LLP managing partner Milind Kothari said: "While the issues for which we have filed a plea for restraint against Mr Mahender Khandelwal remain sub-judice, I would say that the core reason for us to move the Court was that Mr Khandelwals intended exit would have greatly upset the mandate as a Resolution Professional of .