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Indian court temporarily stops JSW Steel's purchase of Bhushan Power and Steel

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Indian court temporarily stops JSW Steel's purchase of Bhushan Power and Steel

India's National Company Law Appellate Tribunal temporarily blocked JSW Steel Ltd.'s takeover of Bhushan Power and Steel Ltd. amid a fraud probe into the insolvent steelmaker, Bloomberg News reported Oct. 14.

The country's anti-money-laundering watchdog, the Enforcement Directorate, reportedly seized Bhushan assets worth 40.25 billion Indian rupees in relation to an investigation into Bhushan's former founders. JSW is seeking immunity from future litigation against Bhushan.

The tribunal asked the watchdog to release the assets and prevented it from attaching more until a hearing in the case is concluded, according to the news agency. The next hearing is scheduled for Oct. 25, in which the court will decide whether the agency has jurisdiction over Bhushan in future hearings. The tribunal can then order JSW to make its payment along with interest accrued during the period, the report said.

A JSW spokesperson sought more time to respond to the ruling, the report said. JSW outbid rivals Tata Steel Ltd. and Liberty House Ltd. by bidding 197.0 billion rupees for Bhushan in August 2018.

As of Oct. 11, US$1 was equivalent to 70.93 Indian rupees.