NCLT clears JSW’s Rs 20k crore offer for Bhushan Power

MUMBAI: The New Delhi bench of the National Company Law Tribunal (NCLT) on Thursday approved JSW Steel’s Rs 19,700-crore offer for Bhushan Power & Steel.
But the tribunal declined to give the acquirer immunity from future litigations against the target firm for any illegal activity by the founders. The tribunal said that it doesn’t have the jurisdiction to give such a waiver and that JSW should approach appropriate authorities for the same.
The metal producer had sought relief from the tribunal after Punjab National Bank (PNB) and Allahabad Bank filed fraud cases against Bhushan Power. PNB and Allahabad Bank (which will be merged with Indian Bank) have reported a Rs 3,800-crore and a Rs 1,774-crore fraud by Bhushan Power, which was earlier owned by Sanjay Singal. A senior JSW official said that the management is going through the judgment and will take a call based on legal inputs.