NEW DELHI: The Directorate of Enforcement (ED) handed over Bhushan Power and Steel Ltd (BPSL’s) assets worth Rs 4,025 crore to JSW, which successfully bid for BPSL under the insolvency resolution process. The restitution of the assets to JSW is result of a Supreme Court order on 11th December 2024.
The enforcement directorate had attached the properties of Bhushan Power and Steel Ltd after it found the company and its promoters diverted bank funds to private investments in the form of shares and properties. ED investigation also revealed that the books of accounts were fudged to show fake expenses/purchases/capital assets and thereby bank funds were taken out in the form of cash.
The diversion of funds resulted in financial distress of…
