Sign up for a weekly brief collating many news items into one untangled thought delivered straight to your mailbox. Force majeure refers to an event that cannot be anticipated or controlled, and which makes execution of a contract impossible or impractical. The other products of the company include HR coils, black pipes, GI pipes, GP sheets, GC sheets, DRI, billets, CR coils, precision tubes, Tor steel, carbon wire rods, and special alloy, Everything You Need To Know About Bhushan Power And Steel. Times Syndication Service. The Indian government levied a 15% export duty on steel 21 May in a bid to increase supply for domestic consumer industries and tame inflation. Tata Steels managing director T.V. Tata Steel arm - Tata Steel Long Products (TSLP)- had in January this year won the bid to acquire a 93.71 per cent stake in NINL at an enterprise value of Rs 12,100 crore leaving behind the likes of a consortium of Jindal Steel and Power Limited, Nalwa Steel and Power Ltd, and JSW Steel Limited. In a letter to BPSL employees, JSW Group Chairman Sajjan Jindal said "your contribution will be key in bolstering our ambitious growth plans of achieving 45 MTPA capacity well ahead of the 2030 timeline. 
The ED has attached properties worth Rs 1.74 crore in connection with its money laundering probe linked to an alleged bank fraud in Bhushan Power & Steel. In the Nifty50 index, 32 stocks closed in the green, while 18 stocks ended in the red. The agency that probes corporate fraud claimed this while seeking custody of Aarti Singal, who was arrested on Monday. JSW Steel was chosen the winning bidder for BPSLs assets in September 2019, and the resolution plan was approved by NCLT soon after. Times Internet Limited. So overall, we are in a much better place and that will reflect in the numbers for the industry.. With our newly forged partnership with Amalgam Steel, we believe Crest will soon achieve a successful turnaround and is well set on its planned growth programme, said Jai Saraf, founder of Nithia Capital.
The court sent her and three others arrested in the case to SFIOs custody for two days. Narendran was the former president of ISA and in May 2020, the company left the ISA owing to some mining policy differences.
SIMPLY PUT - where we join the dots to inform and inspire you. Also, to increase domestic availability, the duty on exports of iron ore has been hiked up to 50 per cent, and a few steel intermediaries to 15 per cent. Copyright 2022 Bennett, Coleman & Co. Ltd. All rights reserved. The list of companies whose RPs have filed such claims is said to include Aircel, Videocon, Reliance Communications, Jaypee Infratech, LancoInfratech, Bhushan Power and Steel, Bhushan Steel and Educomp Infra, among others. JSW Steel had offered to pay Rs 19,350 crore to the financial creditors, with the lenders taking nearly a 60% haircut on the dues.
Other than the SFIO, BPSL is being probed by multiple agencies including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED). A co-accused in the money laundering case had approached the High Court to challenge a trial court decision turning down a plea by the accused seeking access to documents not relied upon by the Enforcement Directorate (ED) for the purpose of the trial. In a hearing on Tuesday the Delhi NCLT granted interim moratorium and confirmed Reshma Mittal as resolution professional (RP) in a petition filed by lead lender State Bank of India (SBI). The companys rolled products' production grew by 10% year-on-year to 9.99 lakh tonnes as against 9.05 lakh tonnes. The government has recently waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which is expected to lower the cost for the domestic industry and reduce the prices. The founder of OYO, the Indian unicorn, is so confident that he will buy back $1.5 billion shares, The stock of Punjab National Bank has lost half a billion dollars after a loan fraud of the same amount came to light, ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more, Google Pixel 6a review a photography delight at a premium, Indian government releases work from home rules, allows it for one year maximum, Indias most expensive homes: DMarts Radhakishan Damanis dream home cost him 1,001 crore, Snapdeal is now available on ONDC, heres all you need to know about the network, India has 3x more women pilots than the global average, upGrad acquires edtech platform Harappa Education for Rs 300 cr, CBSE class 12 results declared, passing rate above 92%, Investment firm Andreessen Horowitz has a new headquarters, in the cloud. Apart from this, JSW had offered to pay Rs 350 crore to operational creditors, against their admitted claims of Rs 700 crore. Apart from this, JSW had offered to pay Rs 350 crore to operational creditors against their admitted claims of Rs 700 crore. The federal agency in September 2021 had provisionally attached the properties located in the prime location of Mumbai on Dr Annie Besant road, Worli. The RP will now verfiy the details of the case ane seek a final nod from the NCLT to start prosecution. In a letter addressed to the committee of creditors (CoC) on Friday, JSW said it is ready to transfer the Rs 19,350 crore before the end of March to complete the deal, pending the litigations around BPSL in the Supreme Court. The ED had claimed earlier that a "criminal conspiracy was hatched to dishonestly and fraudulently divert huge amounts of bank funds through companies/shell companies and other entities and repayment of the loan amount was deliberately defaulted and inadmissible Cenvat credit was also claimed.". Apart from Patnaik, finance minister Niranjan Pujari, steel and mines minister Prafulla Kumar Mallick, labour minister Susant Singh and industries minister Divyashankar Mishra are also members of the HLCA. A steep export duty was also levied on iron ore while import duties were cut on inputs like coal to reduce the cost of production for steelmakers. The long products' production grew by 55% year-on-year to 3.09 lakh tonnes indicating growing a better growth in demand for construction and infrastructure. The court order recorded that there is "nothing independent to Singal except that she and Sanjay Singal had signed cheques or issued instructions to the banks, for issuance, of demand drafts, and freight was paid by her from the bank accounts operated by her jointly with her husband". All rights reserved.For reprint rights.
JSW Groups combined crude steel production was at 5.07 million tonnes, registering a growth of 65% y-o-y, including the production jointly controlled entities viz Bhushan Power and Steel Ltd and JSW Ispat Special Products Ltd, the company said in a statement. The synergies we draw will also play a pivotal role in transforming the lives of millions of our stakeholders.".
Copyright 2022. Bhushan Power & Steel Limited is a Public enterprise involved in the manufacturing and marketing of steel products.
The company offered to pay Rs 19,350 crore to the financial creditors, with the lenders taking a nearly 60% haircut. And, with indications that the build-up of non-performing assets (NPAs) is lower than anticipated, especially among large companies, the government believes that state-run lenders are well poised to meet the credit requirements, given that they are adequately capitalised.
The company offers flat products that include coated products, galvanized aluminum products, color coated products, cold rolled products, cable tapes, and long products including sponge iron products and iron making products. For reprint rights: Green card wait time likely to remain high for Indian applicants, Buy an iPhone 13 at Rs 60K, iPhone 12 at Rs 40K; Amazon & Flipkart deals make Apple devices affordable, Next pain point for rupee is $79 billion of unhedged debt, Droupadi Murmu wins presidential polls by overwhelming margin, Carlyle, Advent close in on $1 billion Yes Bank stake, President Election 2022 Result Live Updates, Restaurants Turn The Heat On Swiggy Zomato But Taking On The Delivery Giants Wont Be A Cakewalk, Enjoying Free Air Tickets Lounge Credit Card Upi Linking Has A Doomy Message For Reward Points, Dixon Technologies How Soaring Prices Competition Are Impeding This Multibaggers Mojo, Gari Overturned Inside A 5 Minute Crypto Crash That Left A Trail Of Questions And Shattered Dreams, Inflation Interest Rate Hikes Could Blow Away Much Of Indias Dream Of An Affordable House, Google Celebrates 140th Birth Anniversary Of Romanian Physicist Stefania Maracineanu, Nupur Sharmas Remark On Prophet Is There A Fine Line Between Foe And Hate Speech, Nupur Sharmas Comment Against Holy Prophet West Asian Nations Demand Public Apology From Indian Government, Spicejet Plane Catches Fire Mid Air Makes Emergency Landing In Patna All Passengers Safe, Stefania Maracineanu Google Celebrates 140th Birth Anniversary Of Romanian Physicist With Artistic Doodle, Dynamic Beneficial Accord Marketing Private Limited, Smart Value Products And Services Limited, 280000 Green Cards Are Up For Grabs Before September 30 Deadline, Adani Group To Create Aero Cities Alongside Its Airports, India Has Found A Way Towards Mass Electrification Swap Batteries, We Have Done 29 Acquisitions Till Now And Not Even One Has Gone Bad Vivek Chaand Sehgal, Rs 85000 Cr Money Manager Is Betting That Equities Rout Will End Soon, Narayana Murthy Shares 9 Lessons Learnt As An Entrepreneur From His Infosys Days, Wait Time For Employer Sponsored Green Cards Rises, Will Itr Filing Deadline For Fy 2021 22 Be Extended Heres What Tax Experts Have To Say, Centre Allays Concerns Over 620 7 B External Debt Says Its Share Only 21, Winzo Ropes In Youtuber Carryminati As Brand Ambassador, Us Inflation Jumped 7 5 In The Past Year A 40 Year High, Are You Really Saving Your Taxes Know Your Tax Slabs Review Your Investment Plans Now, What Is Ais And How To Download It From New Income Tax Portal, India Will Be Happy To Join France In Launching Global Initiative On Single Use Plastic Modi. Rao explained that the steel upcycle this year is different and is not led by temporary factors such as supply constraints. Earlier this week, the adjudicating authority had confirmed the attachment of the properties--a house in Jor Bagh worth Rs 74 crore, another in Tolstoy Marg worth Rs 11 crore, a house in London (One Hyde Park, Knightsbridge) worth 99 crore, and fixed deposits worth Rs 19 crore. The agency claimed a "criminal conspiracy was hatched to dishonestly and fraudulently divert huge amount of bank funds through companies/shell companies and other entities and repayment of the loan amount was deliberately defaulted and inadmissible Cenvat credit was also claimed.". The anti-fraud investigation office has been probing BPSL and its erstwhile management for alleged irregularities under the Company Law for issues pertaining to corporate governance. In addition, the company also manufactures and markets a range of steel pipes, grooved pipes, carbon steel tubes, and hollow steel sections. Overall I expect the steel industry to have a few good years ahead and nowhere in the steel industry apart from India is capacity being added significantly, unlike in the past when steel prices were high and a lot of capacity was added in China. He said there is 126 mt of steel production in the first 6 months of FY22, against 78 million tonnes last year.
The ED has attached properties worth Rs 1.74 crore in connection with its money laundering probe linked to an alleged bank fraud in Bhushan Power & Steel. In the Nifty50 index, 32 stocks closed in the green, while 18 stocks ended in the red. The agency that probes corporate fraud claimed this while seeking custody of Aarti Singal, who was arrested on Monday. JSW Steel was chosen the winning bidder for BPSLs assets in September 2019, and the resolution plan was approved by NCLT soon after. Times Internet Limited. So overall, we are in a much better place and that will reflect in the numbers for the industry.. With our newly forged partnership with Amalgam Steel, we believe Crest will soon achieve a successful turnaround and is well set on its planned growth programme, said Jai Saraf, founder of Nithia Capital.
The court sent her and three others arrested in the case to SFIOs custody for two days. Narendran was the former president of ISA and in May 2020, the company left the ISA owing to some mining policy differences.
SIMPLY PUT - where we join the dots to inform and inspire you. Also, to increase domestic availability, the duty on exports of iron ore has been hiked up to 50 per cent, and a few steel intermediaries to 15 per cent. Copyright 2022 Bennett, Coleman & Co. Ltd. All rights reserved. The list of companies whose RPs have filed such claims is said to include Aircel, Videocon, Reliance Communications, Jaypee Infratech, LancoInfratech, Bhushan Power and Steel, Bhushan Steel and Educomp Infra, among others. JSW Steel had offered to pay Rs 19,350 crore to the financial creditors, with the lenders taking nearly a 60% haircut on the dues.
Other than the SFIO, BPSL is being probed by multiple agencies including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED). A co-accused in the money laundering case had approached the High Court to challenge a trial court decision turning down a plea by the accused seeking access to documents not relied upon by the Enforcement Directorate (ED) for the purpose of the trial. In a hearing on Tuesday the Delhi NCLT granted interim moratorium and confirmed Reshma Mittal as resolution professional (RP) in a petition filed by lead lender State Bank of India (SBI). The companys rolled products' production grew by 10% year-on-year to 9.99 lakh tonnes as against 9.05 lakh tonnes. The government has recently waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which is expected to lower the cost for the domestic industry and reduce the prices. The founder of OYO, the Indian unicorn, is so confident that he will buy back $1.5 billion shares, The stock of Punjab National Bank has lost half a billion dollars after a loan fraud of the same amount came to light, ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more, Google Pixel 6a review a photography delight at a premium, Indian government releases work from home rules, allows it for one year maximum, Indias most expensive homes: DMarts Radhakishan Damanis dream home cost him 1,001 crore, Snapdeal is now available on ONDC, heres all you need to know about the network, India has 3x more women pilots than the global average, upGrad acquires edtech platform Harappa Education for Rs 300 cr, CBSE class 12 results declared, passing rate above 92%, Investment firm Andreessen Horowitz has a new headquarters, in the cloud. Apart from this, JSW had offered to pay Rs 350 crore to operational creditors, against their admitted claims of Rs 700 crore. Apart from this, JSW had offered to pay Rs 350 crore to operational creditors against their admitted claims of Rs 700 crore. The federal agency in September 2021 had provisionally attached the properties located in the prime location of Mumbai on Dr Annie Besant road, Worli. The RP will now verfiy the details of the case ane seek a final nod from the NCLT to start prosecution. In a letter addressed to the committee of creditors (CoC) on Friday, JSW said it is ready to transfer the Rs 19,350 crore before the end of March to complete the deal, pending the litigations around BPSL in the Supreme Court. The ED had claimed earlier that a "criminal conspiracy was hatched to dishonestly and fraudulently divert huge amounts of bank funds through companies/shell companies and other entities and repayment of the loan amount was deliberately defaulted and inadmissible Cenvat credit was also claimed.". Apart from Patnaik, finance minister Niranjan Pujari, steel and mines minister Prafulla Kumar Mallick, labour minister Susant Singh and industries minister Divyashankar Mishra are also members of the HLCA. A steep export duty was also levied on iron ore while import duties were cut on inputs like coal to reduce the cost of production for steelmakers. The long products' production grew by 55% year-on-year to 3.09 lakh tonnes indicating growing a better growth in demand for construction and infrastructure. The court order recorded that there is "nothing independent to Singal except that she and Sanjay Singal had signed cheques or issued instructions to the banks, for issuance, of demand drafts, and freight was paid by her from the bank accounts operated by her jointly with her husband". All rights reserved.For reprint rights.
JSW Groups combined crude steel production was at 5.07 million tonnes, registering a growth of 65% y-o-y, including the production jointly controlled entities viz Bhushan Power and Steel Ltd and JSW Ispat Special Products Ltd, the company said in a statement. The synergies we draw will also play a pivotal role in transforming the lives of millions of our stakeholders.".
Copyright 2022. Bhushan Power & Steel Limited is a Public enterprise involved in the manufacturing and marketing of steel products.
The company offered to pay Rs 19,350 crore to the financial creditors, with the lenders taking a nearly 60% haircut. And, with indications that the build-up of non-performing assets (NPAs) is lower than anticipated, especially among large companies, the government believes that state-run lenders are well poised to meet the credit requirements, given that they are adequately capitalised.
The company offers flat products that include coated products, galvanized aluminum products, color coated products, cold rolled products, cable tapes, and long products including sponge iron products and iron making products. For reprint rights: Green card wait time likely to remain high for Indian applicants, Buy an iPhone 13 at Rs 60K, iPhone 12 at Rs 40K; Amazon & Flipkart deals make Apple devices affordable, Next pain point for rupee is $79 billion of unhedged debt, Droupadi Murmu wins presidential polls by overwhelming margin, Carlyle, Advent close in on $1 billion Yes Bank stake, President Election 2022 Result Live Updates, Restaurants Turn The Heat On Swiggy Zomato But Taking On The Delivery Giants Wont Be A Cakewalk, Enjoying Free Air Tickets Lounge Credit Card Upi Linking Has A Doomy Message For Reward Points, Dixon Technologies How Soaring Prices Competition Are Impeding This Multibaggers Mojo, Gari Overturned Inside A 5 Minute Crypto Crash That Left A Trail Of Questions And Shattered Dreams, Inflation Interest Rate Hikes Could Blow Away Much Of Indias Dream Of An Affordable House, Google Celebrates 140th Birth Anniversary Of Romanian Physicist Stefania Maracineanu, Nupur Sharmas Remark On Prophet Is There A Fine Line Between Foe And Hate Speech, Nupur Sharmas Comment Against Holy Prophet West Asian Nations Demand Public Apology From Indian Government, Spicejet Plane Catches Fire Mid Air Makes Emergency Landing In Patna All Passengers Safe, Stefania Maracineanu Google Celebrates 140th Birth Anniversary Of Romanian Physicist With Artistic Doodle, Dynamic Beneficial Accord Marketing Private Limited, Smart Value Products And Services Limited, 280000 Green Cards Are Up For Grabs Before September 30 Deadline, Adani Group To Create Aero Cities Alongside Its Airports, India Has Found A Way Towards Mass Electrification Swap Batteries, We Have Done 29 Acquisitions Till Now And Not Even One Has Gone Bad Vivek Chaand Sehgal, Rs 85000 Cr Money Manager Is Betting That Equities Rout Will End Soon, Narayana Murthy Shares 9 Lessons Learnt As An Entrepreneur From His Infosys Days, Wait Time For Employer Sponsored Green Cards Rises, Will Itr Filing Deadline For Fy 2021 22 Be Extended Heres What Tax Experts Have To Say, Centre Allays Concerns Over 620 7 B External Debt Says Its Share Only 21, Winzo Ropes In Youtuber Carryminati As Brand Ambassador, Us Inflation Jumped 7 5 In The Past Year A 40 Year High, Are You Really Saving Your Taxes Know Your Tax Slabs Review Your Investment Plans Now, What Is Ais And How To Download It From New Income Tax Portal, India Will Be Happy To Join France In Launching Global Initiative On Single Use Plastic Modi. Rao explained that the steel upcycle this year is different and is not led by temporary factors such as supply constraints. Earlier this week, the adjudicating authority had confirmed the attachment of the properties--a house in Jor Bagh worth Rs 74 crore, another in Tolstoy Marg worth Rs 11 crore, a house in London (One Hyde Park, Knightsbridge) worth 99 crore, and fixed deposits worth Rs 19 crore. The agency claimed a "criminal conspiracy was hatched to dishonestly and fraudulently divert huge amount of bank funds through companies/shell companies and other entities and repayment of the loan amount was deliberately defaulted and inadmissible Cenvat credit was also claimed.". The anti-fraud investigation office has been probing BPSL and its erstwhile management for alleged irregularities under the Company Law for issues pertaining to corporate governance. In addition, the company also manufactures and markets a range of steel pipes, grooved pipes, carbon steel tubes, and hollow steel sections. Overall I expect the steel industry to have a few good years ahead and nowhere in the steel industry apart from India is capacity being added significantly, unlike in the past when steel prices were high and a lot of capacity was added in China. He said there is 126 mt of steel production in the first 6 months of FY22, against 78 million tonnes last year.