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ED Continues to Believe JSW and BPSL are Related Parties – Report

Steel News - Published on Mon, 24 Feb 2020

Image Source: JSW BPSL
The Telegraph reported that the Enforcement Directorate is in talks with the Ministry of Corporate Affairs to decide on the next course of action for Bhushan Power & Steel even as JSW Steel is working actively to close the transaction by March 16. Sources said the ED has sent the entire file higher up in finance ministry to obtain its view before deciding on the next course of action. The directorate will have to knock the Supreme Court if it wants to challenge the NCLAT verdict. ED sources said “The money laundering probe against BPSL will continue. The agency has taken up the matter with the corporate affairs ministry as the new provision of IBC Code is not applicable to JSW as both JSW and BPSL are related parties in a coal block.”

Last week, the National Company Law Appellate Tribunal had granted immunity to JSW Steel from the ongoing corruption cases against BPSL and its erstwhile owners, according to the amended Insolvency & Bankruptcy Code, 2016.

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Posted By : Yogender Pancholi on Mon, 24 Feb 2020
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