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Former Chairman Files Petition in SC Challenging JSW Steel Acquisition of BPSL

Steel News - Published on Wed, 26 Feb 2020

Image Source: Business Standard
Business Standard reported that JSW Steel’s purchase of Bhushan Power & Steel Limited is facing a fresh hurdle after a former chairman of BPSL Mr Sanjay Singal filed a petition with Supreme Court on Monday against a ruling by a bankruptcy tribunal that had approved the deal earlier this month. The petition hasn’t yet been allotted a date for a hearing.

JSW Steel has been caught in legal tangles since its INR 19,700 crore bid for Bhushan Power was first approved last year. Mr Singal’s plea threatens to delay or derail the takeover.

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Posted By : Nishith Sharma on Wed, 26 Feb 2020
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