NCLAT allows JSW Steel to buy Bhushan Power

New Delhi, February 17 The National Company Law Appellate Tribunal today allowed JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate. A two-member Bench headed by...

Tribune Web Desk

Updated At : 01:39 PM Feb 18, 2020 IST

New Delhi, February 17

The National Company Law Appellate Tribunal today allowed JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate.

A two-member Bench headed by Chairman Justice SJ Mukhopadhaya, said JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power & Steel Ltd (BPSL).

However, it also said 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. — PTI

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