" The company's vice-chairman Neeraj Singhal was arrested Aug 2 by the Central Bureau of Investigation (CBI) along with state-run Syndicate Bank chairman and managing director S.K. Jain and four others in two bribery cases."
New Delhi, Aug 12 - Auto-grade steel manufacturer Bhushan Steel Tuesday reported a net loss of Rs.142 crore for first quarter (April-June) of this fiscal (2014-15) as against a net profit of Rs.76 crore in the same period a year ago.

According to the city-based company's unaudited results for the quarter under review (Q1), net sales, however, increased to Rs.2,804 crore from Rs.2,494 crore in the same quarter a year ago, registering around 12 percent growth.

The scam-tainted company reported Rs.20 crore loss in the previous or the fourth quarter (January-March) of last fiscal (2013-14) though net sales was Rs.2,510 crore.

The company's scrip slipped Rs.19.70 or about 10 percent in value on the Bombay Stock Exchange ending at Rs.177.75 per share of Rs.2 face value from Monday's closing rate of Rs.197.45.

The company's vice-chairman Neeraj Singhal was arrested Aug 2 by the Central Bureau of Investigation (CBI) along with state-run Syndicate Bank chairman and managing director S.K. Jain and four others in two bribery cases.

The investigation agency has accused Singhal of conspiring with Jain to ensure that about Rs.100-crore loan the bank advanced to the company was not declared a non-performing asset (NPA).


comments powered by Disqus
Read more on:
 

PERMALINK

http://www.nerve.in/news:2535002395559
You can quote the permanent link above for a direct link to the story. We do not archive or expire our news stories.


STORY OPTIONS
  Email this story to a friend
  XML feed for India


 
COPYRIGHTS INFORMATION
All rights reserved for news content. Reproduction, storage or redistribution of Nerve content and articles in any medium is strictly prohibited.
Contact Nerve Staff for any feedback, corrections and omissions in news stories.
 

All rights reserved for the news content. Reproduction, storage or redistribution of Nerve content and articles in any medium is strictly prohibited.