Bhushan Steel Ltd said that in order to settle the ongoing litigations between Mr BB Singal, Mr Neeraj Singal and Mr Sanjay Singal, a Settlement Deed was executed late evening on November 14.

The settlement was drawn out initially in 2002 and finally executed on November 14th 2011.

Pursuant to this deed, Mr BB Singal and Mr Neeraj Singal will have exclusive control on Bhushan Steel Ltd as Mr Sanjay Singal & his associates will disassociate as promoters of the company.

Elder son Mr Sanjay would get the control and ownership of Bhushan Power and Steel Limited.

The brothers will accordingly and mutually transfer their stakes to each other in the two companies. Mr Sanjay holds 11% stake in BSL, while the younger sibling, Mr Neeraj, has 3% stake in BPSL.

The statement added that the father will continue to hold one third of the promoter's stake in BPSL, amounting to 19 per cent shares of BPSL.

(Sourced from India Infoline News Service)