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Bhushan is not behind buying power, but worried about the charges of fraud: JSW Steel

Business

  • Allahabad Bank gave information about fraud of Bhushan Power and Steel worth Rs 1774 crore last week.
  • Earlier, PNB had disclosed fraud of Rs 3805 crores
  • JSW’s 19 thousand crore to buy Bhushan Power and Steel Proposal has been approved

new Delhi. JSW Steel told the National Company Law Tribunal (NCLT) on Monday that under the bankruptcy process, it has not withdrawn from buying Bhushan Power and Steel (BPCL). But, he is concerned about the allegations of fraud on him. The lawyer of JSW Steel said that its clients want to know what is going on inside BPCL.

Fraud report will not affect bankruptcies: NCLT

  1. The NCLT Bench headed by Justice M.M. Kumar told BPCL’s Resolutions Professional that a copy of forensic report should be made available to JSW. Report of fraud charges will not affect the bankruptcy process and the JSW’s resolution plan. Under the bankruptcy process, JSW’s bid of 19 thousand crores was approved for the purchase of BPCL.

  2. Last week, Allahabad Bank had informed about BPCL’s fraud of Rs 1,774 crore. Earlier, PNB had disclosed the fraud of BPCL’s 3,805.15 crore rupees.

  3. The CBI filed a case against BPCL on the complaint of several other lenders in April. According to the CBI, the directors and staff of BPCL had diverted money to PNB, Oriental Bank of Commerce, IDBI Bank and UCO Bank’s loan amounting to Rs 2,348 crore in more than 200 shell companies.

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