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Bhushan Steel seeks 90 days extension to file Q4, FY18 results

Bhushan Steel, which has been acquired by Tata Steel under the insolvency process, has sought 90 days extension to file its audited financial results for the quarter and year ended March 31, 2018. Bhushan Steel said since the new management and directors have to review and sign the audited financial results, it is essential that the same is done after due review, ensuring that true and fair disclosures are being made. As per regulatory norms, the company is under obligation to submit its audited financial results for quarter and year ended March 31, 2018 within 60 days from the end of the financial year, i.e. is by May 30, 2018. 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.

Read More at Business Today News date : 24 May 2018, Thursday

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