Bhushan Steel Case

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

Bhushan Steel case: HC issues notice on ED's plea challenging bail grant

The agency has challenged the order granting bail to Archana Ajay Mittal on medical grounds

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 ...

Bhushan Steel bank 'fraud' case: ED arrests 5 including ex-executives

The Enforcement Directorate Friday said it 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. Former vice president (banking) of the company Pankaj Tewari, former VP (accounts) Pankaj Agarwal, ex-chief financial officer Nittin Johri, Ajay Mittal, the brother-in-law of former promoter Neeraj Singal, and Ajay Mittal's wife and sister of Neeraj Singal, Archana Mittal were taken into custody under the Prevention of Money Laundering Act (PMLA) on Thursday, it said. They were sent to three days ED custody by a court after they were produced over two days, the agency said. After completing the corporate insolvency resolution process, 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

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 .

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

Bhushan steel case: Aarti Singal gets bail within 7-days of arrest

Special Court in Delhi has granted bail to Aarti Singal, the former Director of Bhushan Power and Steel Limited (BPSL) in the fraud case of Rs 5,500 crores.The case is being investigated by the Serious Fraud Investigation Office (SFIO).Singal was arrested by SFIO on March 21, 2022 and was produced before the Special Court in Dwarka on March 22, 2022.Special Judge Sumit Das on March 28, while passing the order, said that no independent role of Aarti Singhal has been brought out on record by SFIO except that she has, jointly with her husband, signed cheques or issued instructions to the bank for issuance of Demand Draft (DD).The court also observed that Aarti Singal deserves to be granted the benefit of special status to woman as provided under provisions of Section 437 and Section 212(6) of the Companies Act, 2013 taking into consideration her role of being a passive woman director is concerned.Taking into consideration the enabling provision to Section 212(6) of the Companies Act ...

PSBs stare at tough quarter over coronavirus and higher provisioning

Slimmer chances of recovering Rs 20,000 cr from Bhushan Steel resolution in the near future add to lender's woes

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

Delhi HC dismisses bail plea of Bhushan Steel ex-CFO Nittin Johari

The verdict by Justice Brijesh Sethi came after the Supreme Court set aside the bail granted to Johari by the high court in August last year and asked it to hear the matter afresh

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 attaches assets worth Rs 204 cr of ex-Bhushan Power CMD Singhal

Singal is at present in judicial custody after the ED arrested him in November last year

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.

Tata Steel BSL gets relief from HC from appearance in Bhushan Steel case

The company was asked by the trial court to appear, through its authorised representative, before it on Tuesday

Explained: Are Enforcement Directorate's seizures harming the economy?

ED's move could stall the resolution process, prevent banks from recovering their pending dues

ED attaches Bhushan Steel assets worth Rs 4,000 cr in bank fraud probe

Land, building, plant and machinery of the firm in Odisha attached under PMLA; more likely to be seized

Bhushan Power & Steel case: NCLAT agrees to hear JSW Steel plea

The case will be next heard on October 14

Bhushan Steel case: SFIO files complaint over misuse of corporate structure

The complaint has been filed at the special court, Dwarka, New Delhi

SC reserves order on Bhushan Steel ex-promoter's Rs 25-bn fraud case

SFIO said Singal was accused of siphoning of Rs 25 billion of public funds and his release would cause grave harm to the ongoing probe which has reached at an advanced stage