SFIO finds extreme misuse of corporate structure in Bhushan Steel case1 min read . Updated: 02 Jul 2019, 01:21 AM IST
- Bhushan Steel had defaulted on loans and the banks had to take a haircut of more than ₹20,000 crore as part of the resolution process
- According to sources, promoters used more than 150 companies to build a complex web of transactions to carry out the siphoning off funds to hoodwink the lenders
New Delhi: The Serious Fraud Investigation Office (SFIO) Monday filed a 70,000-page complaint in the Bhushan Steel case wherein the probe agency has found "extreme misuse" of the corporate structure by the promoters which reduced corporate governance requirements to paper formalities, sources said.
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