NEW DELHI Aug 12 India's Bhushan Steel Ltd
, a debt-ridden company whose managing director was
arrested last week in a bribery case involving a bank chairman,
has so far been able to service its loans, its finance director
told Reuters on Tuesday.
"As of date, there is no bad loan," Finance Director Nittin
Johari said. "We are in talks with the banks."
He said he expected clarity after a meeting of lenders
including, Punjab National Bank (PNB) and the State
Bank of India (SBI), on Aug. 18.
Bhushan Steel denies wrongdoing in the bribery case, which
has raised concerns about its day-to-day functioning and ability
to manage net debts of $5.86 billion - eight times its equity
market value of $732 million.
(Reporting by Krishna N Das; Editing by Douglas Busvine)