‘Saviour of steel’ prosecuted over failure to file accounts

Companies House is prosecuting steel tycoon Sanjeev Gupta alongside four directors for failing to lodge accounts for 76 companies in the UK.
Gupta, as well as directors Iain Hunter, Deepak Sogani, Jeffrey Kabel and Jeffrey Stein have all pleaded not guilty to the enforcement, which could see each be fined or disqualified as a director.
Employing more than 30,000 people across 30 countries, Gupta’s acquisition of steel businesses including Tata’s speciality steel business in 2017 for £100m, saw him crowned as the “saviour of steel”.
The complex steel manufacturer, which has UK operations in Rotherham, Stocksbridge, Scunthorpe, Leamington Spa and the Black Country, has been attempting to recover from a turbulent period that began with the collapse of its key lender Greensill Capital in 2021.
The Serious Fraud Office (SFO) had launched a criminal investigation into GFG Alliance relating to “suspected fraud, fraudulent trading and money laundering”.
It delved into its financing arrangements with Greensill Capital after it was discovered that £400m was lent to Gupta’s companies.
A GFG Alliance spokesperson said on behalf of the four directors and Gupta: “There are no underlying issues with our accounts and directors have taken all reasonable steps to resolve the situation. We have finalised unaudited accounts for our UK businesses and have been in regular communication with Companies House. This legal process has no effect on any of our operations.”
Companies House spokesperson said: “We can confirm we are taking enforcement action however we are unable to comment further at this time.”