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New Delhi: 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. As per information on Bhushan Steel’s website, its new Board comprises a MD, one Independent Director and three Non-Executive Directors. While Krishnava Dutt has been appointed Independent Director, Anand Sen, Shuva Mandal and Dibyendu Dutta are new Non-Executive Directors. Meanwhile, the National Company Law Appellate Tribunal on Tuesday issued notices to the resolution professional and Committee of Creditors of Bhushan Steel over the plea filed by its creditor L&T, seeking to recover Rs 961.56 crore. PTI
Black money list: ED seizes Burman’s assets
New Delhi: The Enforcement Directorate (ED) on Tuesday said it had seized assets worth Rs 20.87 crore of Dabur Group Director Pradip Burman in connection with its FEMA probe in the HSBC bank black money list unearthed a few years ago. The ED initiated the action under the FEMA provisions and the seized assets, including 50,000 tax-free government bonds. It took over the case on the basis of a chargesheet filed by the Income Tax Department against Burman as part of its probe in the leaked HSBC list of Indians.The agency said it was found that Burman deposited $32.12 lakh in his account with HSBC bank in Zurich and that he "did not" show this amount in his 2007-08 ITRs. PTI
A first: Woman to lead NY Stock Exchange
New York: The New York Stock Exchange (NYSE) for the first time in its 226-year history will be led by a woman. Stacey Cunningham, who started her career as a floor clerk on the NYSE trading floor, will become the 67th president of the Big Board. Cunningham, who is the chief operating officer for the NYSE Group, becomes president Friday. Current NYSE President Thomas Farley is leaving to head a special purpose acquisition company. AP
Cairn India to invest Rs 37,000 cr in Barmer
Jaipur: Cairn India, a subsidiary of Vedanta Ltd, which contributes around 27% of the country's total crude oil production, plans to invest Rs 37,000 crore in Barmer's oil fields to increase the production. It will help in achieving a production target of 5 lakh barrels of oil per day (BOPD) from Rajasthan. Initially, the company will invest Rs 12,000 crore in the next two years to increase the production to 3 lakh BOPD. This was stated by company's CEO Sudhir Mathur during a meeting with state government officials here on Saturday. He said it will also create about 7,000 new jobs. The Rajasthan Government gets around Rs 3,500 crore annually as royalty from Cairn. The company has so far invested over $9 billion in the Barmer basin. Vedanta-Cairn has extended bids for all 55 sectors proposed in the first auction of oil and gas under the new Open Acreage Licensing Policy. OC
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