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Bhushan Steel appoints two additional directors on company's board

On May 18, Tata Steel -- which had won the bid for Bhushan Steel under the insolvency process -- completed the acquisition of controlling stake of 72.65 per cent in the debt-laden firm.

Press Trust of India  |  New Delhi 

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Bhushan Steel Ltd (BSL) said today that it has appointed two new officials on the board of the company.

The entire BSL management was changed last month after Tata Steel took control of the company.

On May 18, Tata Steel -- which had won the bid for Bhushan Steel under the insolvency process -- completed the acquisition of controlling stake of 72.65 per cent in the debt-laden firm.

In a regulatory filing, BSL said: "The Board of Directors of the company has appointed Neera Saggi and Shashi Kant Maudgal as Additional Independent Directors of the company."

It also said that the officials "appointed as additional independent directors to hold office up to the date of the ensuing Annual General Meeting of the Company or due date thereof, whichever is earlier".

BSL, one of the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings, owes Rs 44,478 crore to its lenders.

First Published: Fri, June 08 2018. 16:30 IST
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