 "Bhushan, Essar lenders to tap global investors")
The Enforcement Directorate (ED) has said it cannot drop the ongoing investigation against Bhushan Power and Steel (BPSL), which is set to be acquired by JSW Steel.
This is because the immunity provided by the new provision in the insolvency law is not applicable to the new promoter (JSW Steel).
The move could make JSW Steel liable for offences committed by the previous management.
In its affidavit to the appellate tribunal, the federal agency said that founders of JSW and BPSL are so-called related parties as they had a joint venture for a coal block.
In its chargesheet in the
