JSW's Bhushan Power acquisition in deep freeze as ED refuses to relent

The ED is learnt to have told the tribunal and the MCA that doing so will first require amending the Prevention of Money Laundering Act

JSW Steel, looking to acquire bankrupt Bhushan Power and Steel Ltd (BPSL), might have a longish wait.

The National Company Law Appellate Tribunal (NCLAT) had directed the government's Enforcement Directorate (ED) to revoke the properties the latter had attached of Bhushan. The ED had done so on the reasoning that these were proceeds from criminal acts.

The ED is learnt to have told the tribunal and the Union ministry of corporate affairs (MCA) that doing so will first require amending the Prevention of Money Laundering Act (PMLA).

“The probe agency, under Section 41 of PMLA, cannot revoke any action taken under the said