Bhushan Steel

The Enforcement Directorate (ED) on Friday said it has attached immovable assets worth Rs 367 crore in Delhi, Mumbai, Kolkata and some cities in Odisha as part of a money-laundering probe linked to an alleged bank-loan fraud against Bhushan Steel Limited (BSL). A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the assets that were held "in the name of benamidars/shell entities through dummy directors so as to conceal them and to ensure that they are out of the reach of law enforcement agencies", the ED has said in a statement. After completing the corporate insolvency resolution process (CIRP), BSL was taken over by Tata Steel Limited in 2018. The ED has accused BSL, its managing director Neeraj Singal and associates of forming "several shell companies". "They rotated funds from one company to another through a chain of multiple entities. The funds were circulated to infuse capital, buy property and for other personal purposes not ...

The Enforcement Directorate has arrested five persons in connection with an alleged Rs 56,000 crore bank loan fraud linked money laundering case against erstwhile Bhushan Steel Ltd (BSL), official sources said Friday. Those taken into custody on Thursday are Pankaj Kumar Tiwari, the former vice president banking of the company, former VP accounts Pankaj Kumar Agarwal, ex-chief financial officer Nitin Johri, Ajay Mittal, the brother-in-law of former promoter Neeraj Singal, and Ajay Mittal's wife and sister of Neeraj Singal, Archana Mittal. After completing the corporate insolvency resolution process (CIRP), Bhushan Steel was taken over by Tata Steel Ltd in 2018. According to the ED, Bhushan Steel Limited's former Managing Director Neeraj Singal and his associates formed several shell companies and the promoters and entities linked to BSL "rotated funds from one company to another through a chain of multiple entities" as part of an alleged bank loan fraud. The money laundering case .

The Enforcement Directorate on Monday said it has conducted fresh searches against the promoters and entities of erstwhile Bhushan Steel Limited as part of a money laundering probe against them linked to an alleged Rs 56,000 crore bank fraud case. Thirty locations in the national capital region, Haryana, Kolkata, Mumbai and Bhubaneswar (Odisha) were raided and surveyed last week on October 13, officials said. The money laundering case stems from a charge sheet filed by the Serious Fraud Investigation Office, an investigative agency under the Ministry of Corporate Affairs. A probe found that the erstwhile Bhushan Steel Limited (BSL) and its Managing Director Neeraj Singal and his associates formed several shell companies, the agency alleged in a statement. After completing the corporate insolvency resolution process (CIRP), Bhushan Steel was taken over by Tata Steel Ltd in 2018. The ED alleged the promoters and entities linked to BSL "rotated funds from one company to another throu

The Securities Appellate Tribunal (SAT) has set aside a Sebi's order to impose a Rs 2 lakh penalty on Bhushan Steel Ltd, now known as Tata Steel BSL Ltd, for disclosure lapses. Bankruptcy proceedings were initiated against the debt-laden Bhushan Steel Ltd in July 2017. After completing the corporate insolvency resolution process (CIRP), Bhushan Steel was taken over by Tata Steel Ltd in 2018. "The impugned order dated 14 February 2022, cannot be sustained and is quashed. However, it would be open to the respondent Sebi to issue a show cause notice for the alleged violation against the entity," SAT said in an order passed on December 20. The ruling comes after an appeal was filed against the Sebi order, levying a Rs 2 lakh fine on Bhushan Steel for not making the requisite disclosure under LODR (Listing Obligations and Disclosure Requirements) rules. It noted that the appellant was found guilty of non-disclosure of the number of investor complaints filed with the stock exchanges on a

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BSL was admitted for insolvency proceedings on July 26, 2017

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On Feb 17, NCLAT had permitted JSW Steel to acquire the bankrupt company and granted it immunity from prosecution by the Enforcement Directorate

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The ED had issued summons to Singal in the money laundering case registered in connection with alleged siphoning of funds worth over Rs 2,000 crore.

According to ED officials, Singhal was arrested under the Prevention of Money Laundering Act (PMLA) after he was questioned for several hours in the evening in connection with the case

The first of a four-part series takes a look at how erstwhile Bhushan Steel is faring as Tata Steel BSL under a new command