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Bhushan Steel

ED restitutes assets worth Rs 4,025 cr in Bhushan Steel bank 'fraud' case

The ED has restituted assets worth Rs 4,025 crore of the erstwhile Bhushan Steel and Power Limited to JSW Steel following approval from the Supreme Court, the federal probe agency said on Saturday. JSW Steel was the successful resolution applicant to the assets of the insolvent company under the Insolvency and Bankruptcy Code (IBC) of the Corporate Insolvency Resolution Process (CIRP). These assets were earlier attached by the federal probe agency under provisions of the Prevention of Money Laundering Act (PMLA) in an investigation against Bhushan Steel and Power and its promoters on charges of alleged bank loan fraud and "diversion" of those funds for personal investments. The Enforcement Directorate (ED) said the restitution of assets worth Rs 4,025 crore was made under Section 8(8) of the PMLA (restitution pending trial), read with Rule 3A of PMLA Restoration of Property Rules. The apex court gave its approval on this Enforcement Directorate (ED) proposal on Wednesday, the agenc

ED restitutes assets worth Rs 4,025 cr in Bhushan Steel bank 'fraud' case
Updated On : 14 Dec 2024 | 11:05 AM IST

ED attaches assets worth Rs 367 crore in Bhushan Steel 'bank fraud' case

The Enforcement Directorate (ED) on Friday said it has attached immovable assets worth Rs 367 crore in Delhi, Mumbai, Kolkata and some cities in Odisha as part of a money-laundering probe linked to an alleged bank-loan fraud against Bhushan Steel Limited (BSL). A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the assets that were held "in the name of benamidars/shell entities through dummy directors so as to conceal them and to ensure that they are out of the reach of law enforcement agencies", the ED has said in a statement. After completing the corporate insolvency resolution process (CIRP), BSL was taken over by Tata Steel Limited in 2018. The ED has accused BSL, its managing director Neeraj Singal and associates of forming "several shell companies". "They rotated funds from one company to another through a chain of multiple entities. The funds were circulated to infuse capital, buy property and for other personal purposes not ...

ED attaches assets worth Rs 367 crore in Bhushan Steel 'bank fraud' case
Updated On : 08 Mar 2024 | 7:19 PM IST

Bhushan Steel bank case: ED nabs 5 persons for alleged Rs 56,000 cr fraud

The Enforcement Directorate has arrested five persons in connection with an alleged Rs 56,000 crore bank loan fraud linked money laundering case against erstwhile Bhushan Steel Ltd (BSL), official sources said Friday. Those taken into custody on Thursday are Pankaj Kumar Tiwari, the former vice president banking of the company, former VP accounts Pankaj Kumar Agarwal, ex-chief financial officer Nitin Johri, Ajay Mittal, the brother-in-law of former promoter Neeraj Singal, and Ajay Mittal's wife and sister of Neeraj Singal, Archana Mittal. After completing the corporate insolvency resolution process (CIRP), Bhushan Steel was taken over by Tata Steel Ltd in 2018. According to the ED, Bhushan Steel Limited's former Managing Director Neeraj Singal and his associates formed several shell companies and the promoters and entities linked to BSL "rotated funds from one company to another through a chain of multiple entities" as part of an alleged bank loan fraud. The money laundering case .

Bhushan Steel bank case: ED nabs 5 persons for alleged Rs 56,000 cr fraud
Updated On : 12 Jan 2024 | 1:44 PM IST

ED conducts raids on erstwhile Bhushan Steel in Rs 56,000 cr 'fraud' case

The Enforcement Directorate on Monday said it has conducted fresh searches against the promoters and entities of erstwhile Bhushan Steel Limited as part of a money laundering probe against them linked to an alleged Rs 56,000 crore bank fraud case. Thirty locations in the national capital region, Haryana, Kolkata, Mumbai and Bhubaneswar (Odisha) were raided and surveyed last week on October 13, officials said. The money laundering case stems from a charge sheet filed by the Serious Fraud Investigation Office, an investigative agency under the Ministry of Corporate Affairs. A probe found that the erstwhile Bhushan Steel Limited (BSL) and its Managing Director Neeraj Singal and his associates formed several shell companies, the agency alleged in a statement. After completing the corporate insolvency resolution process (CIRP), Bhushan Steel was taken over by Tata Steel Ltd in 2018. The ED alleged the promoters and entities linked to BSL "rotated funds from one company to another throu

ED conducts raids on erstwhile Bhushan Steel in Rs 56,000 cr 'fraud' case
Updated On : 16 Oct 2023 | 9:32 PM IST

SAT sets aside Sebi's order to impose penalty on Bhushan Steel for lapses

The Securities Appellate Tribunal (SAT) has set aside a Sebi's order to impose a Rs 2 lakh penalty on Bhushan Steel Ltd, now known as Tata Steel BSL Ltd, for disclosure lapses. Bankruptcy proceedings were initiated against the debt-laden Bhushan Steel Ltd in July 2017. After completing the corporate insolvency resolution process (CIRP), Bhushan Steel was taken over by Tata Steel Ltd in 2018. "The impugned order dated 14 February 2022, cannot be sustained and is quashed. However, it would be open to the respondent Sebi to issue a show cause notice for the alleged violation against the entity," SAT said in an order passed on December 20. The ruling comes after an appeal was filed against the Sebi order, levying a Rs 2 lakh fine on Bhushan Steel for not making the requisite disclosure under LODR (Listing Obligations and Disclosure Requirements) rules. It noted that the appellant was found guilty of non-disclosure of the number of investor complaints filed with the stock exchanges on a

SAT sets aside Sebi's order to impose penalty on Bhushan Steel for lapses
Updated On : 26 Dec 2022 | 11:52 PM IST

JSW Steel's 2 Indian subsidiaries expected to return to profit in Q3 FY23

Global macroeconomic challenges to shape turnaround of JSW Steel and Bhushan Power & Steel

JSW Steel's 2 Indian subsidiaries expected to return to profit in Q3 FY23
Updated On : 27 Oct 2022 | 11:16 PM IST

Ex-promoters can't hold stake in insolvent firms acquired by others: SC

Court agrees with tribunal orders in Bhushan Steel's acquisition by Tata group firm

Ex-promoters can't hold stake in insolvent firms acquired by others: SC
Updated On : 03 Oct 2022 | 7:53 PM IST

Ex-promoters can't hold stake in insolvent firm, says Supreme Court

In March 2022, the NCLAT dismissed an appeal filed by the Singhals that challenged the October 2021 NCLT order that asked the promoter group to sell their 25 mn shares at Rs 2 a piece to Tata Steel

Ex-promoters can't hold stake in insolvent firm, says Supreme Court
Updated On : 03 Oct 2022 | 8:59 AM IST

Top Headlines: IPL media rights & Viacom18, CBDT on cross-border disputes

Digital media rights for IPL matches could lift the OTT play of Reliance Industries-led Viacom18, posing a challenge for the current leaders. Read more in our top headlines

Top Headlines: IPL media rights & Viacom18, CBDT on cross-border disputes
Updated On : 14 Jun 2022 | 9:03 AM IST

From debt trap to steely resolve, Bhushan Steel an outlier in IBC landscape

BSL was admitted for insolvency proceedings on July 26, 2017

From debt trap to steely resolve, Bhushan Steel an outlier in IBC landscape
Updated On : 14 Jun 2022 | 6:02 AM IST

Tata Steel BSL sets up UV oxidation plant to treat cyanide in wastewater

Tata Steel BSL set up the world's first ultraviolet oxidation plant in the industry at its facility in Odisha's Dhenkanal to treat cyanide in coke oven wastewater, a deadly pollutant, the company said

Tata Steel BSL sets up UV oxidation plant to treat cyanide in wastewater
Updated On : 08 Aug 2021 | 10:58 AM IST

Stressed steel plants acquired via IBC seeing faster turnaround: CRISIL

The steel plants acquired via IBC process include Bhushan Steel, Essar Steel, Electrosteel Steels, Monnet Ispat & Energy Ltd and Bhushan Power & Steel

Stressed steel plants acquired via IBC seeing faster turnaround: CRISIL
Updated On : 22 Jul 2021 | 2:05 PM IST

Top headlines: PM blasts 'foreign interference', SA puts vaccine on hold

Business Standard brings you top news of the evening

Top headlines: PM blasts 'foreign interference', SA puts vaccine on hold
Updated On : 08 Feb 2021 | 5:26 PM IST

Not a penny to equity holders as DHFL bidders value firm's shares at zero

Investors baffled as DHFL had a market valuation of Rs 941 cr on Monday, with its stock trading at Rs 30 a share even after the company was sent for bankruptcy proceedings

Not a penny to equity holders as DHFL bidders value firm's shares at zero
Updated On : 04 Jan 2021 | 9:56 PM IST

Covid-19 casts a new light on steel as rural India provides some succour

With rural India being the only bright spot in the pandemic, steelmakers are looking beyond automobile and exports to daily-use products

Covid-19 casts a new light on steel as rural India provides some succour
Updated On : 20 Jul 2020 | 11:35 PM IST

Justice S J Mukhopadhaya: 'Argumentative' outgoing NCLAT chairman

Mukhopadhaya's recent ruling restoring Cyrus Mistry as Tata Sons chairman came as a rude shock to the salt-to-software giant

Justice S J Mukhopadhaya: 'Argumentative' outgoing NCLAT chairman
Updated On : 14 Mar 2020 | 11:25 PM IST

Bhushan Power acquisition: JSW Steel likely to pay Rs 19,700 cr by March 15

On Feb 17, NCLAT had permitted JSW Steel to acquire the bankrupt company and granted it immunity from prosecution by the Enforcement Directorate

Bhushan Power acquisition: JSW Steel likely to pay Rs 19,700 cr by March 15
Updated On : 20 Feb 2020 | 7:50 PM IST

ED opposes dropping ongoing investigation against Bhushan Power and Steel

This is because the immunity provided by the new provision in the insolvency law is not applicable to the new promoter (JSW Steel)

ED opposes dropping ongoing investigation against Bhushan Power and Steel
Updated On : 22 Jan 2020 | 1:48 AM IST

Bhushan Steel: Delhi HC to hear next week ED's plea to modify interim order

The ED had issued summons to Singal in the money laundering case registered in connection with alleged siphoning of funds worth over Rs 2,000 crore.

Bhushan Steel: Delhi HC to hear next week ED's plea to modify interim order
Updated On : 14 Jan 2020 | 5:18 PM IST

Bank loan fraud: Ex-Bhushan Power CMD Sanjay Singhal arrested by ED

According to ED officials, Singhal was arrested under the Prevention of Money Laundering Act (PMLA) after he was questioned for several hours in the evening in connection with the case

Bank loan fraud: Ex-Bhushan Power CMD Sanjay Singhal arrested by ED
Updated On : 23 Nov 2019 | 1:21 AM IST