Neeraj Singal

The Supreme Court on Friday granted bail to Bhushan Steel's former promoter Neeraj Singal in a money laundering case arising from an alleged bank fraud of Rs 46,000 crore.

The Supreme Court said today that Neeraj Singal, former promoter of Bhushan Steel, will remain on interim bail granted by the Delhi High Court in a Rs 2,500-crore fraud case.

The Supreme Court today reserved its verdict on the Serious Fraud Investigation Office's plea to stay a Delhi High Court order in a case concerning Bhushan Steel's erstwhile promoter Neeraj Singal.

The Delhi High Court has directed that Bhushan Steel's erstwhile promoter Neeraj Singal, arrested by the SFIO for allegedly siphoning off Rs 20 billion, be released on interim bail as the agency has not been able to justify the need for his continued incarceration.

Bhushan Steel's former promoter Neeraj Singal has been arrested for allegedly siphoning off funds worth over Rs 2,000 crore, according to officials of the Serious Fraud Investigation Office or SFIO. This is the first time that the SFIO has arrested a person for fraud, a senior official said.

In fresh troubles for crisis-hit Bhushan Steel, four members of its promoter family including chairman as well as managing director figure among 260 entities barred by the Securities and Exchange Board of India (Sebi) for suspected money laundering and tax evasion activities through stock markets.

Financial institution IFCI Ltd has invoked one lakh shares in Bhushan Steel that were pledged by the debt-ridden company's promoter Neeraj Singal.

As industrialist Vijay Mallya fights his wilful defaulter tag, former Comptroller and Auditor General (CAG) Vinod Rai has said Kingfisher Airlines' loan default is just a "trickle" and the overall problem of huge bad loans at public sector banks can be blamed on 'cronies' using connections to borrow money.

A court here on Friday extended till September 11 judicial custody of the 11 accused including Syndicate Bank CMD Sudhir Kumar Jain and Bhushan Steel Ltd vice chairman and managing director Neeraj Singal arrested in connection with two separate graft cases.gdp varun

A Delhi court on Thursday dismissed the bail pleas of Prakash Industries chairman-cum-managing director (CMD) Ved Prakash Agarwal and director Vipul Agarwal, who along with others were arrested in the Syndicate Bank bribery case.

The creditors of Bhushan Steel Ltd will take steps including an audit to ensure the steelmaker, whose managing director is implicated in a bribery case, will be able to pay around $6 billion (Rs 36,000 crore at 1 dollar = 60 rupees) it owes.

The debt-ridden steel maker, whose Vice Chairman and Managing Director Neeraj Singal was recently arrested by CBI in an alleged cash-for-loan scam, said it would instead urge lenders to grant at least 3-6 months to see its performance before taking any such decision in the proposed meeting on August 18.

Jain and Singal were produced before Special CBI Judge Swarana Kanta Sharma who turned down the plea of the probe agency seeking further police remand of Singal.

The system has a whopping Rs 40,000-crore exposure to the Delhi-based Bhushan Steel through 51 lenders. There are two consortia, one on working capital loans led by SBI and the second on term-loans led by Punjab National Bank, representing the lenders' interests.

Shares of Bhushan Steel slumped 10 per cent on Friday, extending its selloff for the third consecutive day, after the CBI arrested Neeraj Singal, Vice Chairman and Managing Director of the company, in connection with Rs 50 lakh bribery scandal involving Syndicate Bank.

The Supreme Court on Friday granted bail to Bhushan Steel's former promoter Neeraj Singal in a money laundering case arising from an alleged bank fraud of Rs 46,000 crore.

The Supreme Court said today that Neeraj Singal, former promoter of Bhushan Steel, will remain on interim bail granted by the Delhi High Court in a Rs 2,500-crore fraud case.

The Supreme Court today reserved its verdict on the Serious Fraud Investigation Office's plea to stay a Delhi High Court order in a case concerning Bhushan Steel's erstwhile promoter Neeraj Singal.

The Delhi High Court has directed that Bhushan Steel's erstwhile promoter Neeraj Singal, arrested by the SFIO for allegedly siphoning off Rs 20 billion, be released on interim bail as the agency has not been able to justify the need for his continued incarceration.

Bhushan Steel's former promoter Neeraj Singal has been arrested for allegedly siphoning off funds worth over Rs 2,000 crore, according to officials of the Serious Fraud Investigation Office or SFIO. This is the first time that the SFIO has arrested a person for fraud, a senior official said.

In fresh troubles for crisis-hit Bhushan Steel, four members of its promoter family including chairman as well as managing director figure among 260 entities barred by the Securities and Exchange Board of India (Sebi) for suspected money laundering and tax evasion activities through stock markets.

Financial institution IFCI Ltd has invoked one lakh shares in Bhushan Steel that were pledged by the debt-ridden company's promoter Neeraj Singal.

As industrialist Vijay Mallya fights his wilful defaulter tag, former Comptroller and Auditor General (CAG) Vinod Rai has said Kingfisher Airlines' loan default is just a "trickle" and the overall problem of huge bad loans at public sector banks can be blamed on 'cronies' using connections to borrow money.

A court here on Friday extended till September 11 judicial custody of the 11 accused including Syndicate Bank CMD Sudhir Kumar Jain and Bhushan Steel Ltd vice chairman and managing director Neeraj Singal arrested in connection with two separate graft cases.gdp varun

A Delhi court on Thursday dismissed the bail pleas of Prakash Industries chairman-cum-managing director (CMD) Ved Prakash Agarwal and director Vipul Agarwal, who along with others were arrested in the Syndicate Bank bribery case.

The creditors of Bhushan Steel Ltd will take steps including an audit to ensure the steelmaker, whose managing director is implicated in a bribery case, will be able to pay around $6 billion (Rs 36,000 crore at 1 dollar = 60 rupees) it owes.

The debt-ridden steel maker, whose Vice Chairman and Managing Director Neeraj Singal was recently arrested by CBI in an alleged cash-for-loan scam, said it would instead urge lenders to grant at least 3-6 months to see its performance before taking any such decision in the proposed meeting on August 18.

Jain and Singal were produced before Special CBI Judge Swarana Kanta Sharma who turned down the plea of the probe agency seeking further police remand of Singal.

The system has a whopping Rs 40,000-crore exposure to the Delhi-based Bhushan Steel through 51 lenders. There are two consortia, one on working capital loans led by SBI and the second on term-loans led by Punjab National Bank, representing the lenders' interests.

Shares of Bhushan Steel slumped 10 per cent on Friday, extending its selloff for the third consecutive day, after the CBI arrested Neeraj Singal, Vice Chairman and Managing Director of the company, in connection with Rs 50 lakh bribery scandal involving Syndicate Bank.