Fraud charges a worry, but still want Bhushan Power for now: JSW Steel

JSW Steel on Monday said that it was “anxious” about the reports of fraud that had emerged at Bhushan Power and Steel (BSPL), though it was not “backing out from the ongoing resolution process for now”. In its submissions to the Principal Bench of the National Company Law Tribunal (NCLT), JSW Steel said that it wanted to know what was going at BSPL.

JSW had approached the NCLT with a plea that the forensic audit reports of banks which had detected the fraud at Bhushan Power and Steel should be shared with it. Over the past 10 days, Punjab National Bank (PNB) and Allahabad Bank had reported that they had detected frauds of Rs 3,800 crore, and Rs 1,774 crore, respectively.