JSW Steel on Wednesday said that its arm, JSW Steel (Netherlands) B V, has completed the sale of 39 per cent stake held in Geo Steel LLC to Georgian Steel Group Holdings Ltd. JSW Steel (Netherlands) B V had entered into...
Bidder JSW Steel a related party, can’t be given immunity: ED to NCLAT
The ED has told the appellate bankruptcy court that JSW Steel will not get immunity from the criminal charges being faced by Bhushan Power & Steel if it acquires the latter, because both are related parties. The...
NCLAT defers hearing on JSW Steel’s Bhushan Power buyout till Jan 31
On October 10, the ED had attached assets worth over Rs 4,025 crore of debt-ridden BPSL in connection with its money laundering probe linked to an alleged bank loan fraud by its former promoters of BPSL. An appellate...
Uttam Galva counters Deutsche’s $20-million recovery plea at NCLT
Uttam Galva Steel on Tuesday challenged Deutsche Bank‘s application at the National Company Law Tribunal (NCLT) for the recovery of $20 million (Rs 142 crore). The Singapore branch of Deutsche Bank had given a $20...
NCLAT asks investigative agencies to clarify over JSW Steel’s immunity in BPSL matter
The National Company Law Appellate Tribunal (NCLAT) has asked the investigative agencies like Enforcement Directorate, SFIO and the CBI to file an affidavit clarifying whether JSW Steel, a successful bidder for Bhushan...
NCLAT seeks clarity from govt, agencies on JSW Steel immunity
The National Company Law Appellate Tribunal (NCLAT) on Monday directed the Enforcement Directorate (ED) and other investigative agencies to clarify whether JSW Steel, the successful bidder for the debt-laden Bhushan...
Thyssenkrupp steps up efforts to sell Industrial Solutions unit: FT
German conglomerate Thyssenkrupp AG has stepped up efforts to sell its Industrial Solutions unit, which builds plants and industrial sites, the Financial Times newspaper reported on Sunday. China’s state-owned companies...
Arcelor Mittal’s Essar Steel buy may not severely hit other players
Arcelor Mittal’s entry through its acquisition of Essar Steel is likely to intensify competition in the domestic steel sector but there is still headroom for steel players to increase capacities with consumption demand...
Cabinet gives in-principle nod to strategic sale of Neelachal Ispat
The government on Wednesday in-principle approved strategic sale of Neelachal Ispat Nigam Ltd (NINL) by allowing six PSUshareholders to sell their stake in the steel company. A decision in this regard was taken in the...
NCLAT gives Liberty House a last chance in Adhunik takeover
The National Company Law Appellate Tribunal (NCLAT) has given UK-based Liberty House group one more chance to offer a resolution plan for bankrupt Adhunik Metaliks and Zion Steel. In an order issued on 7 January, the...
Jindal Steel promoter OPJ Trading raises funds from Centrum Credit
OPJ Trading Pvt. Ltd, the main promoter entity of Naveen Jindal’s Jindal Steel and Power Ltd (JSPL) has raised around ₹180 crore in fresh debt from Centrum Credit Opportunities Fund, said a senior executive of the fund...
Despite IBC changes, JSW may go slow on Bhushan Power and Steel buy
India’s second-largest private steelmaker, JSW Steel Ltd, may go slow on buying bankrupt Bhushan Power and Steel Ltd, despite the cabinet on Tuesday approving an ordinance to ring fence successful bidders from criminal...
