Page 28 - Jsw Steel

SC admits plea challenging NCLAT order allowing sale of Bhushan Power

The Supreme Court Friday admitted a plea challenging appellate tribunal NCLAT's order allowing JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate. A bench comprising Chief Justice S A Bobde and Justices B R Gavai and Surya Kant refused however to put the sale on hold. "The appeals are admitted. Senior Advocate Dr A M Singhvi, appearing for the Committee of Creditors, states that in case he receives money, he will return the said amount within two months, if the appeal succeeds," the bench said. The apex court has put up the matter for hearing on April 15. A two-member bench of the National Company Law Appellate Tribunal (NCLAT), headed by Chairman Justice S J Mukhopadhaya, had said that JSW Steel will be immune from the acts done by the former promoters of Bhushan Power & Steel Ltd (BPSL). However, it had also said that prosecution against the former promoters under the money laundering ...

JSW Steel says Fitch revises outlook on company to negative from stable

The revision of the outlook reflects the risks in the company's ability to deleverage and generate positive free cash flow because of the various challenges in the Indian market

JSW Steel's $2.7-billion buy of Bhushan Power & Steel faces legal test

An adverse ruling could also be a setback for lenders, which led by PNB, are seeking a speedy resolution

JSW Steel declared preferred bidder for Jajang iron ore block in Odisha

The Jajang iron ore block holds estimated reserves of 39 million tonne

Metal shares tumble as coronavirus cases jump in South Korea, Italy

The IMF has predicted the epidemic would shave 0.1 percentage points off global growth

Bhushan Power takeover: NCLAT gives JSW Steel immunity from criminal probes

The National Company Law Appellate Tribunal (NCLAT) on Monday gave JSW Steel Ltd immunity from all criminal investigations after its takeover of Bhushan Power & Steel Ltd, whose assets were sought to be attached by the Enforcement Directorate (ED) over alleged bungling by former management. A two-member NCLAT bench headed by Justice S J Mukhopadhaya also declared attachment of assets of insolvent Bhushan Power & Steel Ltd (BPSL) by the ED as "illegal and without jurisdiction". Billionaire Sajjan Jindal-led JSW Steel had moved the appellate tribunal seeking to extinguish all present and future liabilities on account of criminal investigations against Bhushan Power & Steel, contending that an absence of any such protection would jeopardise the feasibility and viability of its resolution plan. JSW Steel had made the highest bid of Rs 19,700 crore for the takeover of BPSL. While the government had in December amended the insolvency law to ring-fence a corporate debtor, after ..

JSW Steel gets NCLAT's approval to acquire Bhushan Power for Rs 19,700 cr

The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire of Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution. A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Stwel will be immuned from the acts done by the former promoters of the Bhushan Power & Steel Ltd. However, it also said that prosecution against the former promoters under the money laundering act by the Enforcement Directorate can continue. It has also rejected the petitions filed by operational creditors, seeking higher claims. The bench said that the EDITDA earned by BPSL during its Corporate Insolvency resolution period will be given to JSW Steel.

JSW to triple colour-coated steel capacity in 2 years to meet rising demand

Currently, the company's colour-coated steel manufacturing capacity is around 0.75 MTPA

JSW Steel bags Ganua iron ore mine, takes Odisha count to three

It already owns six iron ore mines in Karnataka, with a combined capacity of eight mn tonnes a year

JSW Steel upstages ArcelorMittal, Vedanta to win Nuagaon block

The block, currently held by merchant miner KJS Ahluwalia with deposits of 790 million tonnes of iron ore, is the first of 21 lapsing blocks to have been successfully auctioned

JSW Steel's Q3 PBT falls 82% at Rs 436 crore on weak realisations

Net sales in the period under review tumbled 23 per cent on a year-on-year (YoY) basis as the company's top line stood at Rs 17,416 crore, down 12 per cent from the corresponding period last year

Q3 results: JSW Steel net profit tumbles 88% to Rs 187 cr from Rs 1,603 cr

The company had posted a consolidated net profit of Rs 1,603 crore in the year-ago period, JSW Steel said in a filing to the BSE

Market Ahead, January 24: All you need to know before the Opening Bell

Analysts say that the Nifty's close in the positive territory on Thursday might mean that the first leg of downside is over and a bounce back has resumed

JSW Steel plans to raise up to Rs 1,000 crore through issuance of NCDs

The proceeds will be used to meet long-term working capital requirements, refinance existing debt, general corporate purpose and ongoing capital expenditure, the company said in a filing to BSE

Odisha expects JSW Steel project to begin soon after successful hearing

However, sources told PTI that JSW has not received the required 2,980 acres of land and th project will take time as formalities, including land handover, erection of boundary, will take time.

NCLAT asks ED, CBI and SFIO to clarify JSW Steel's immunity in BPSL matter

The appellate tribunal had directed to list the petition on January 23, for next hearing.

Auto scrappage policy targeting CVs a way to start revival: Sajjan Jindal

If we are to become a $5 trillion economy, then we need at least 7 per cent to 8 per cent GDP growth, if not higher, says Sajjan Jindal

Steel producers raise prices by Rs 1,000-1,500 a tonne as demand perks up

India's iron ore imports tumbled 90 per cent year-on-year during April-October, after a sharp escalation of 172 per cent in the comparable period last year, said CARE Ratings in its report

Why CMD role separation remains a work in progress despite deadline nearing

Sebi, in its October 2017 report on corporate governance, said listed firms should have a different person heading the management and another in place as chairman of the board

JSW Steel completes acquisition of Vardhman Industries for Rs 63.50 crore

The acquisition has been done as per the resolution plan approved by the lenders of VIL and the NCLT