Bhushan Steel

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

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

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 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

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

BSL was admitted for insolvency proceedings on July 26, 2017

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

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

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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

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

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

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

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)

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.

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

Explained: How Tata Steel put its soul into debt-laden Bhushan Steel

The first of a four-part series takes a look at how erstwhile Bhushan Steel is faring as Tata Steel BSL under a new command

SC sets aside HC order granting bail to ex Bhushan Steel CFO in fraud case

Bhushan Steel's former chief financial officer, Nittin Johari, was arrested by the SFIO on May 2 for alleged fraudulent activities, including filing false documents with various banks

NCLT approves JSW Steel's $2.7 billion bid for Bhushan Power & Steel

Bhushan Power will add 3.5 million tons a year capacity to the Sajjan Jindal-led mill's operations

Former Bhushan Steel CFO Nitin Johri arrested for fraudulent practices

Johri was managing the affairs of Bhushan Steel and was looking after raising of funds from banks and financial institutions