Sebi order against promoters not to hit biz: Bhushan Steel

With four of its promoter family members including two top executives facing Sebi action, Bhushan Steel today claimed it would not have any bearing on the company's operations and the concerned individuals would take necessary actions.
The company's chairman Brij Bhushan Singal, Managing Director Neeraj Singal and two other family members are among the 260 entities barred by capital market watchdog Sebi, last week, for violation of securities laws and suspected money laundering and tax evasion activities through stock markets.
"The promoters being Brij Bhushan Singal, Neeraj Singal, Ritu Singal and Uma Singal have been restrained from accessing the securities market and buying/ selling or dealing in securities, either directly or indirectly, pending enquiry and passing of the final order," the company said today.

"The individual concerned, will take necessary steps as may be available under law. However, we see no bearing of the said interim order on the operations/ performance of the company," Bhushan Steel said in a filing to the BSE.
As per the filing, the company today received a copy of the Sebi order in the matter of First Financial Services Ltd.
Uma Singal is wife of Chairman Brij Bhushan Singal, while his son Neeraj Singal is married to Ritu Singal. All the four persons have been barred by Sebi from the securities markets till further directions.
Shares of Bhushan Steel slumped over three per cent to close at Rs 86.35 on the BSE today.

Further probe is continuing by Sebi and other agencies such as the Income Tax Department, the Enforcement Directorate and the Financial Intelligence Unit.