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NCLAT to Hear CBI, ED & SIFO in JSW Plea on BPSL on October 14

Steel News - Published on Tue, 17 Sep 2019

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A 3 member bench of National Company Law Appellate Tribunal directed that it will hear Central Bureau of Investigation, Enforcement Directorate and Ministry of Corporate Affairs Serious Fraud Investigating Office regarding JSW Steel's plea seeking immunity from prosecution after buyout of Bhushan Power and Steel, which is facing money-laundering allegations on 14 October. It said "Taking into consideration the nature of the case, we allow the appellant to implead Union of India through the secretary, Ministry of Corporate Affairs and director, Directorate of Enforcement as respondent Nos 3 and 4, respectively.”

The NCLAT also said it will decide over the payment of INR 19,350 crore by JSW Steel to the Committee of Creditors of Bhushan Power and Steel on the next date of hearing.

However, the bench declined to stay the order of depositing the amount within a month, which is 5 October.

The appellate tribunal's direction came during the hearing of a petition filed by JSW Steel seeking protection against the ongoing investigation going under the Prevention of Money Laundering Act against BPSL.

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Posted By : Ratan Singh on Tue, 17 Sep 2019
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