JSW Steel , one of India's leading steel producers, has received a significant development in its ongoing legal battle over the acquisition of Bhushan Power and Steel Limited (BPSL). The Supreme Court has agreed to hear JSW Steel's review petition in open court, challenging the earlier decision to strike down its ₹19,700.00 crore resolution plan for BPSL.

Key Developments

• The Supreme Court has issued a notice and scheduled the hearing for July 31.
• This review comes after the court's May decision to strike down the resolution plan approved by the Committee of Creditors.
• The earlier ruling had deemed the plan a violation of the Insolvency and Bankruptcy Code (IBC) and ordered BPSL's liquidation.

Background of the Case

JSW Steel's journey to acquire BPSL has been marked by several legal hurdles:

• In 2019, JSW Steel was declared the successful resolution applicant for BPSL.
• The National Company Law Tribunal (NCLT) approved the resolution plan, which was later upheld by the National Company Law Appellate Tribunal (NCLAT).
• The Enforcement Directorate (ED) initially objected to the plan but later withdrew its challenge.
• The ED returned assets worth ₹4,025.00 crore to JSW Steel to facilitate the acquisition.

Supreme Court's Earlier Ruling

The Supreme Court's decision in May to strike down the resolution plan was based on two main factors:

1. JSW Steel's failure to implement the resolution plan for years.
2. Non-compliance with key post-approval obligations under the IBC.

This ruling had put JSW Steel's acquisition of BPSL in jeopardy and ordered the liquidation of BPSL.

Implications and Next Steps

The upcoming open court hearing represents a crucial juncture for JSW Steel and the broader steel industry. The outcome of this review petition could have significant implications for:

• The future of BPSL and its stakeholders
• The interpretation and application of the Insolvency and Bankruptcy Code
• The resolution process for stressed assets in India's steel sector

As the July 31 hearing approaches, all eyes will be on the Supreme Court's deliberations and the potential impact on JSW Steel's plans for BPSL. The decision could set an important precedent for similar cases in the future, affecting how resolution plans are implemented and monitored under the IBC framework.

Stakeholders in the steel industry and the broader business community will be keenly watching this case, as it could influence future mergers and acquisitions in the sector, especially those involving stressed assets.

JSW Steel Limited , one of India's leading steel manufacturers, held its 31st Annual General Meeting (AGM) on July 25, 2025, through video conferencing. The virtual event, which commenced at 11:00 AM IST and concluded at 12:36 PM IST, saw the participation of 112 members, marking a significant milestone in the company's corporate calendar.

New Board Appointment and Leadership Changes

Chairman Sajjan Jindal welcomed Mr. Shyamal Mukherjee as the new Independent Director, replacing Mr. Haigreve Khaitan, whose second term as an Independent Director had concluded. The Board expressed its appreciation for Mr. Khaitan's valuable contributions during his tenure.

Key Agenda Items

The AGM addressed several crucial matters, including:

1. The company's performance for the financial year ended March 31, 2025
2. Future plans and strategies
3. Adoption of audited financial statements
4. Declaration of dividends
5. Appointment of directors
6. Approval of material related party transactions

Resolutions and Voting

Shareholders were presented with 21 resolutions for voting, covering a wide range of topics:

Ordinary Business

• Adoption of audited financial statements
• Dividend declaration
• Re-appointment of Mr. Gajraj Singh Rathore as a Director

Special Business

• Appointment of new secretarial auditors for a five-year term (2025-26 to 2029-30)
• Ratification of Cost Auditors' remuneration
• Appointment of Mr. Shyamal Mukherjee as an Independent Director
• Approval for issuing securities to Qualified Institutional Buyers
• Multiple resolutions for material related party transactions with various entities, including promoter group companies, subsidiaries, and joint ventures

Transparency and Compliance

In line with regulatory requirements and to ensure transparency, JSW Steel implemented the following measures:

• Appointment of Mr. Nilesh Shah, Practicing Company Secretary, as the Scrutiniser for the voting process
• Provision of e-voting facilities to shareholders from July 22 to July 24, 2025
• Availability of an Insta Poll system during the AGM for members who hadn't cast their votes earlier

Post-AGM Proceedings

Following the AGM, JSW Steel conducted its Q1FY26 Earnings Conference Call on July 18, 2025. The company has made the transcripts and audio recordings of this call available on its website, further demonstrating its commitment to transparent communication with stakeholders.

The 31st AGM of JSW Steel Limited showcased the company's adherence to corporate governance norms and its focus on shareholder engagement, even in a virtual setting. The meeting addressed critical business matters and set the stage for the company's strategic direction in the coming year.