To ensure true and fair disclosure of March-end financials under new circumstances
MUMBAI: Bhushan Steel Ltd has sought time until August end for filing the standalone and consolidated March quarter (Q4) results of the company in the wake of the long process involving the acquisition of the company by Tata Steel Group invoking the insolvency clauses.
It was on May 15, 2018, the approval came from National Company Law Tribunal (NCLT), New’ Delhi allowing acquisition of Bhushan Steel Ltd by a wholly owned subsidiary of Tata Steel Ltd.
A letter forwarded to the stock market explained that since the new management and directors have to review and sign the audited financial results (standalone & consolidated) of the company for the quarter and year ended March 31,2018, it is imperative that the same is done after due review, revalidation and ensuring that true and fair disclosures are being made.
Pursuant to the approved Resolution Plan, the entire existing board of the company was deemed to have resigned and vacated their office with effect from May 18, 2018 and the new board has been constituted with 5 (five) directors, and key managerial personnel have been appointed to manage the affairs of the company.
As per provisions of Regulation 33(3)(d) under SEBI (Listing
Obligations and Disclosure Requirements) Regulation 2015, the company is under obligation to approve and submit its audited financial results (standalone & consolidated) for quarter and year ended March 31, 2018 within 60 days from the end of the financial year i.e. by May 30, 2018.
Rajeev Singhal has become the new managing director of Bhushan Steel. Its new board comprises a managing director, one independent director and three non-executive directors. Bhushan Steel, one of the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings, owes Rs 44,478 crore to its lenders.
