When the Supreme Court uses words like “dishonest” and “fraudulent,” it tends to leave a mark. For JSW Steel, the top court’s decision to scrap its $2.4 billion Bhushan Power acquisition, citing a breach of insolvency law isn’t just a legal speed bump. It’s a reputational skid that could ricochet across the group, most immediately onto JSW Paints' high-stakes bid for Akzo Nobel India.Until last week, JSW Paints was a frontrunner to snap up Akzo’s India operations, including the crown jewel—Dulux. JSW Steel owns nearly 13% stake in JSW Paints. Now, with the court’s verdict raising questions around how JSW Steel executed the Bhushan Power acquisition, the optics around its Akzo bid have shifted. Akzo Nobel N V is likely seeking a clean, controversy-free exit, especially at a time when regulatory scrutiny is high in large-cap transactions.
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