ED move to attach Bhushan Power asset vindicates our stand: JSW Steel
The Enforcement Directorate has attached assets worth ₹4,025 crore of Bhushan Power and Steel (BPSL) under the Prevention of Money Laundering Act.
As a successful bidder for the stressed BPSL, JSW Steel had sought immunity and ring-fencing of the asset from the ongoing criminal investigations against the promoters.
Incidentally, the case filed by JSW Steel will come up for hearing on Monday. The outcome of the case will pave the way for other fraudulent promoters’ assets being sold off under the Insolvency and Bankruptcy Code.
Reacting to the development, Seshagiri Rao, Joint Managing Director, JSW Steel & Group CFO, said it vindicates the JSW Steel stand of seeking immunity from attachment of properties of a corporate debtor.
