Rajeev Singhal has become the new Managing Director of debt-laden Bhushan Steel Ltd which has been acquired by Tata Steel through the insolvency process. According to the information on Bhushan Steel's website, its new Board comprises a Managing Director, one Independent Director and three Non-Executive Directors.
While Krishnava Dutt has been appointed as an Independent Director, Anand Sen, Shuva Mandal and Dibyendu Dutta are company's new Non-Executive Directors.
Sanjib Nanda is the Chief Financial Officer (CFO) of the recently acquired entity and Ujjal Chakraborti is its Chief Operating Officer (COO). O P Davra is the Company Secretary.
"All appointments are with effect from May 18, 2018," a company official said.
The person also said that no on-roll employee of Bhushan Steel has been asked to leave the company after the acquisition.
On May 18, Tata Steel -- which had won the bid for Bhushan Steel in a insolvency process -- completed the acquisition of controlling stake of 72.65 per cent in the debt-laden firm.
"...settlement of the amounts equivalent to Rs 35,200 crore towards financial creditors of BSL is being undertaken as per the terms of the resolution plan and corresponding transaction documents," the Tata Steel had said in a statement.
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.
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