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Topic: Bhushan Power and Steel
A Delhi court allowed bail to Sanjay Singal on a personal bond of Rs 10 lakh and two sureties.
Sanjay Singal was arrested on 22 November 2019 under the PMLA after being questioned in an alleged bank loan fraud case.
The Enforcement Directorate has taken over the assets of Bhushan Power as it investigates allegations of money laundering by its former owners.
JSW beat out rivals Tata Steel Ltd. & Liberty House Group with a bid of about Rs 19,700 crore, and now adds 3.5 million tons a year of capacity to its operations.
Bhushan Power and Steel had defaulted on a Rs 47,700-crore loan in 2017. Last week, PNB alleged it had also committed a Rs 3,815 crore scam.