Bhushan Steel seeks 90-day time from Sebi to file financial results

Post acquisition by Tata Steel, Bhushan Steel Ltd today sought an additional 90-day time from Sebi to file its financial results for the quarter and fiscal ended March 31, saying the new management will take time to understand its operations.

Tata Steel's arm Bamnipal Steel Ltd (BNPL) earlier this month had acquired controlling 72.65 per cent stake in Bhushan Steel, undergoing insolvency proceedings.

Post acquisition, the nominees of BNPL were appointed on the board of BSL.

"Since the new management will take some time to understand, acclimate and take complete hold on the operations and management of the company, the company has filed an application with Sebi (Securities and Exchange Board of India) seeking additional time of 90 days to file its audited financial results standalone and consolidated for the quarter and year ended March 31, 2018," Bhushan Steel informed in a BSE filing.

Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm which owed an amount of more than Rs 45,000 crore to its lenders was referred by the RBI for NCLT proceedings last year.