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Behind Bhushan Power's entry into dirty dozen list
Business Standard
|May 03, 2025
Nine years ago, on May 3, 2016, the Ministry of Corporate Affairs ordered a probe into the affairs of Bhushan Steel Limited (BSL), Bhushan Power and Steel Limited (BPSL), and 13 other group companies, 12 of which were related to BPSL, while one was related to BSL.
A year later, in June 2017, the Reserve Bank of India named it among 12 large defaulters referred for insolvency under the newly enacted Insolvency and Bankruptcy Code. The company, led by promoter Sanjay Singal, had defaulted on loans totalling ₹47,204 crore.
The insolvency proceedings drew interest from major suitors, including Tata Steel Ltd and Liberty House of the UK. After prolonged litigation, JSW Steel Ltd secured the asset with a winning bid of ₹19,700 crore.
The insolvency proceedings against both BSL and BPSL notwithstanding, the two brothers Neeraj and Sanjay Singal, along with their father Brij Bhushan Singal, faced a string of cases related to fraudulent transactions. The Enforcement Directorate, as well as the Serious Fraud Investigation Office (SFIO), were probing the matter.
This story is from the May 03, 2025 edition of Business Standard.
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