NCLAT allows JSW Steel to acquire Bhushan Power for Rs 19,700 cr; grants immunity from prosecution by ED
A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power & Steel.
Essar Steel resolution to boost Q3 earnings with Rs 12,000-cr recovery; step to have positive impact on economy: SBI chief
With the order, the apex court paved the way for ArcelorMittal's takeover of Essar Steel for Rs 42,000 crore.
NCLAT directs Enforcement Directorate to file final affidavit in Bhushan Power & Steel assets attachment matter
Earlier, on 25 October, the NCLAT had asked both organisations, which are presently headed by Sitharaman, to settle the matter adding that there was no question of amendment of laws.
Bhushan Power buyout: NCLAT to hear probe agencies over JSW Steel's plea seeking protection from investigation against BPSL
The NCLAT also said it will decide over the payment of Rs 19,350 crore by JSW Steel to the Committee of Creditors of Bhushan Power and Steel on the next date of hearing.
JSW Steel had put in a Rs 19,300-crore bid to take over Bhushan Power and Steel
Two years ago, an FIR was registered against the company Birla Power Solutions Ltd (BPSL) and its CFO PVR Murthy on charges of cheating investors