The Exchange has sought clarification from JSW Steel Limited with respect to recent news item captioned Setback for JSW Steel as SC directs liquidation of Bhushan Power and Steel. The response from the Company is attached.
JSWSTEEL · price
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Awaiting price reaction for this filing.
JSW Steel has confirmed that the Supreme Court pronounced a judgment on May 2, 2025, rejecting the company's resolution plan for Bhushan Power and Steel (BPSL), which had previously been approved by the NCLAT. The SC has directed liquidation of Bhushan Power and Steel. This follows a news report on Moneycontrol flagging this as a setback for JSW Steel. The company has filed this clarification with NSE and BSE under Regulation 30 of SEBI LODR Regulations. JSW Steel had acquired BPSL under the Insolvency and Bankruptcy Code through its approved resolution plan, and this Supreme Court ruling overturns that acquisition.
This is a significant negative development for JSW Steel shareholders, as the company will likely lose its investment in Bhushan Power and Steel and will need to write down the value of this acquisition. The stock may face downward pressure due to the loss of a key strategic asset and the financial impact of the liquidation order.