Bhushan Steel Ltd, acquired by Tata Steel under corporate resolution process, said today that its board of directors has approved the appointment of T V Narendran as chairman and non-executive additional director of the company.
"The Board of Directors at their meeting held on 11th July 2018 approved appointment of T V Narendran as Chairman and Non-Executive-Additional Director and Koushik Chatterjee as Non-Executive-Additional Director with effect from July 11," the company said in a statement.
On May 18, Tata Steel – which had won the bid for Bhushan Steel in an insolvency process – completed the acquisition of 72.65 per cent stake in the debt-laden firm. Lenders to Bhushan Steel also received 7.25 crore equity shares worth Rs 2 each, after conversion of Rs 14.5 crore worth loans in the company.
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