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Supreme Court scraps JSW Steel's bid to acquire Bhushan Power

VCCircle

VCCircle · 3m ago

Supreme Court scraps JSW Steel's bid to acquire Bhushan Power

The Supreme Court of India has annulled JSW Steel's resolution plan to acquire Bhushan Power and Steel, originally completed four years ago. The court ordered Bhushan Power's liquidation, citing failures by the insolvency administrator and the lenders panel in fulfilling legal duties. The decision resulted in a significant drop in JSW Steel's stock value. JSW Steel awaits the formal order to decide on its subsequent actions, while Bhushan Power and involved banks have not commented.

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Related News

JSW Steel Shares Slide 6% After SC Labels Bhushan Power's Resolution Plan 'Illegal'

OutlookIndia

OutlookIndia · 3m ago

JSW Steel Shares Slide 6% After SC Labels Bhushan Power's Resolution Plan 'Illegal'

JSW Steel's shares dropped over 6% after the Supreme Court deemed Bhushan Power and Steel Ltd’s resolution plan illegal, mandating its liquidation. The court criticized JSW Steel, accusing it of exploiting Enforcement Directorate investigations to delay the plan's implementation and termed JSW's actions as "malafide and dishonest." The ruling negatively impacted JSW Steel's share price, reflecting the court’s disapproval of the stakeholders' conduct in handling the resolution process.

JSW Steel Sinks 7% in Two Days after SC Exposes Legal Cracks in BPSL Acquisition: Here’s what its all about

OutlookIndia

OutlookIndia · 3m ago

JSW Steel Sinks 7% in Two Days after SC Exposes Legal Cracks in BPSL Acquisition: Here’s what its all about

JSW Steel's acquisition of Bhushan Power and Steel faces turmoil after a Supreme Court order deemed it illegal, causing a significant stock drop. The court criticized procedural lapses and strategic delays in the deal, jeopardizing JSW's investment and challenging India's Insolvency and Bankruptcy Code. This decision impacts financial forecasts and highlights vulnerabilities in managing creditor interests. JSW may seek a review, but its scope is limited following this crucial setback in India's corporate insolvency landscape.

Supreme Court allows Adani to operate Coastal Energen power plant without changes until NCLAT ruling | Mint

Livemint

Livemint · 11m ago

Supreme Court allows Adani to operate Coastal Energen power plant without changes until NCLAT ruling | Mint

The Indian Supreme Court has allowed a consortium led by Adani Power Ltd to operate a power plant owned by Coastal Energen Pvt, which it successfully bid for, overturning an appellate tribunal's interim order. The consortium approached the Supreme Court after the National Company Law Appellate Tribunal directed the resolution professional to take charge of the plant. The Supreme Court restored the status quo ante, allowing the consortium to operate the plant but prohibiting any changes to its infrastructure or finances until a final order is issued. Adani Power's shares rose following the court's decision.

JSW Steel-Japan's JFE Steel JV to acquire Thyssenkrupp Electrical Steel India for Rs 4,051 crore

Money Control

Money Control · 10m ago

JSW Steel-Japan's JFE Steel JV to acquire Thyssenkrupp Electrical Steel India for Rs 4,051 crore

JSW Steel has announced a joint venture with JFE Steel Corp, a Japanese steel company, to acquire 100% of Thyssenkrupp Electrical Steel India for INR 4,051 crore. The acquisition, in line with JSW Steel's strategy to enhance its proportion of value-added steel products, will enable them to enter the grain-oriented electrical steel manufacturing and sales business. The deal is subject to approval from the Competition Commission of India.

SC orders SpiceJet to clear Credit Suisse dues by 15 March

Livemint

Livemint · 1y ago

SC orders SpiceJet to clear Credit Suisse dues by 15 March

The Supreme Court has ordered SpiceJet to settle all pending payments to Credit Suisse by 15 March. The court directed the airline to pay $1.25 million to Credit Suisse and summoned SpiceJet's chairman and managing director to appear before the court. The court questioned SpiceJet's capacity to finance the acquisition of bankrupt airline Go First while neglecting its overdue payments. Credit Suisse had filed a petition alleging intentional non-compliance with court directives and failure to settle outstanding dues. SpiceJet has recently garnered attention for a joint bid to acquire Go First.

JSW Neo Energy ramps up wind power portfolio with $75 mn deal

VCCircle

VCCircle · 10m ago

JSW Neo Energy ramps up wind power portfolio with $75 mn deal

JSW Neo Energy, the renewable energy division of JSW Group, is expanding its wind power portfolio with a $75 million deal. The company has agreed to acquire wind power assets from a pharmaceutical major based in Hyderabad, adding 125MW to its capacity. This move aligns with JSW Neo Energy's goal of increasing its presence in the renewable energy sector.

SC upholds Himachal's demand for 18% free electricity from JSW Hydro Energy’s Karcham Wangtoo plant

Economic Times

Economic Times · 1m ago

SC upholds Himachal's demand for 18% free electricity from JSW Hydro Energy’s Karcham Wangtoo plant

The Supreme Court of India ruled in favor of Himachal Pradesh's demand for 18% free electricity from JSW Hydro Energy’s Karcham Wangtoo plant, overriding the Himachal Pradesh High Court's 13% cap, underlining the generating company’s contractual obligations. Despite CERC’s 2019 regulations limiting free supply to 13%, the court deemed no prohibition against JSW supplying beyond this. Contractual agreements should be honored, ensuring interpretations don’t breach undertakings implicitly supported by regulations.

Potential TikTok bidder seeks a CEO, prepares business overhaul

Economic Times

Economic Times · 8m ago

Potential TikTok bidder seeks a CEO, prepares business overhaul

Former owner of the Los Angeles Dodgers, Frank McCourt, is working on a bid to rescue TikTok from its uncertain future. McCourt has verbal commitments for $20 billion in funding from investors to acquire the app and wants to revamp its business model. His vision includes giving users control over the ads and content they see, reducing reliance on ads and exploring opportunities in e-commerce and data licensing. The bid faces challenges, including TikTok's parent company's objections to divesting itself from the app. McCourt is confident that the Supreme Court will side with the US government and open the door to negotiations.

Hindustan Zinc dispute: Vedanta parent moves Permanent Court of Arbitration against Indian govt | Company Business News

Livemint

Livemint · 9m ago

Hindustan Zinc dispute: Vedanta parent moves Permanent Court of Arbitration against Indian govt | Company Business News

UK-based company Vedanta Resources Ltd has initiated arbitration proceedings against the Indian government at the Permanent Court of Arbitration (PCA) over a mining rights dispute. The arbitration, under the India-UK bilateral investment treaty, raises concerns over foreign investment in India's mining sector. The disagreement stems from Vedanta's bid to acquire the government's stake in mining company Hindustan Zinc, which was rejected by Indian authorities. The arbitration began in October, and former Indian supreme court judge V Ramasubramanian is among the arbitrators. The seat of arbitration is in Switzerland.

Japan's Nippon Steel to acquire US Steel for $14.9 billion

Livemint

Livemint · 1y ago

Japan's Nippon Steel to acquire US Steel for $14.9 billion

Japan's Nippon Steel has won the bid to acquire US Steel for $14.9 billion in cash, beating out rivals Cleveland-Cliffs and ArcelorMittal. The deal represents a significant premium of 142% over US Steel's last trading day before the bid by Cleveland-Cliffs. The acquisition will allow Nippon Steel to expand its production in the United States, where steel prices are expected to rise due to increased automotive production. The deal is expected to close in the second or third quarter of 2024, pending regulatory approvals.

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