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JSW to stay on course with Bhushan Power amid reports of fraud by former promoters

On July 7, Punjab National Bank, in a report to the Reserve Bank of India, said it had detected a fraud of more than Rs 3,800 crore by BPSL.

Published: 16th July 2019 07:47 AM  |   Last Updated: 16th July 2019 07:47 AM   |  A+A-

JSW

The logo of JSW is seen on the company's headquarters in Mumbai, India. (File Photo | Reuters)

By Express News Service

NEW DELHI: Amid reports of alleged fraud by the former promoters of Bhushan Power & Steel (BPSL), JSW Steel on Monday said it was not “backing out from the ongoing resolution process for now”, though the company was “anxious” about such reports.

During the proceedings in the National Company Law Tribunal (NCLT), the counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports and needed to know what is going inside BPSL.

A two-member bench headed by President Justice M M Kumar asked the resolution professional of BPSL to share the forensic audit reports of banks which had detected the fraud at BPSL with JSW, which is the highest bidder for the bankrupt BPSL. The NCLT said that alleged fraud reports will not have any impact on the insolvency resolution process and JSW’s resolution plan for BPSL.

On July 7, Punjab National Bank, in a report to the Reserve Bank of India, said it had detected a fraud of more than Rs 3,800 crore by BPSL. Days later, Allahabad bank too said that it had detected a fraud, of Rs 1,774 crore, by BPSL.

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