ED’s Bhushan Power & Steel move vindicates stand: JSW

MUMBAI: The Enforcement Directorate’s (ED) move to attach the properties of Bhushan Power & Steel (BPSL) is a “vindication” of its stand, JSW Steel said on Sunday.

India’s second-largest steelmaker has offered to acquire BPSL, but sought immunity from litigation related to alleged frauds at the bankrupt company.

“The move vindicates JSW Steel’s stand of seeking immunity from attachment of properties of the corporate debtor,” said Seshagiri Rao, joint managing director, JSW Steel, on Sunday. “This may happen even in other cases, where the control is changed under the (Insolvency and) Bankruptcy Code.”