Wednesday, September 28, 2022

SC sets aside bail granted to Bhushan Steel CFO

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New Delhi: The Supreme Court has set aside the Delhi High Court order granting bail to Bhushan Steel’s former Chief Financial Officer (CFO) Nittin Johari on Thursday. Johari was arrested by the Serious Fraud Investigation Office (SFIO) for alleged fraudulent activities.
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A bench headed by Justice NV Ramana announced the verdict on an appeal by the SFIO in which the latter had challenged the August order of the Delhi High Court.

The backdrop

The SFIO has alleged that Johari was managing the affairs of Bhushan Steel and was responsible for raising of funds from banks and financial institutions. He was also one of the signatories to the financial statements of the company till financial year 2016-17.

The investigating agency has said that during the probe, they found several alleged fraudulent practices at Bhushan Steel, including manipulations of accounts and financial statements during Johari’s term. Bhushan Steel has been facing insolvency proceedings at National Company Law Tribunal (NCLT) and has been acquired by JSW Steel.

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