Tata Steel penalty: Supreme Court rejects Sebi appeal-Business Journal

Share post:


The SC on Friday dismissed the Securities and Exchange Board of India‘s attraction towards an appellate tribunal order, which had overturned a ₹2-lakh penalty imposed on Tata Steel over disclosure lapses by Bhushan Steel that the corporate had acquired. Debt-laden Bhushan Steel was taken over by Tata Steel by means of the insolvency course of in 2018 and renamed Tata Steel BSL.

While upholding tribunal’s December order, justice Sanjiv Khanna stated the penalty quantity was too small for the market regulator to problem it earlier than the apex courtroom. But it left the query of regulation open on whether or not penalty might be levied on the brand new administration. Issue has been raised in numerous different appeals and is pending earlier than the SC.

SAT (Securities Appellate Tribunal), whereas quashing penalty order in February final yr, had held Bhushan Steel had gone into insolvency in July 2017 and, underneath the IBC, no penalty might be levied on the brand new administration which got here into the image on May 18, 2018.



Source link

Related articles

China stocks rise on state-backed buying; property shares fall-Business Journal

China stocks rose on Friday as optimism from proof of state-backed buying offset lingering worries in regards...

Toll rates on Mumbai’s Bandra-Worli sea link to go up by 18 per cent from April 1-Business Journal

Mumbai: The toll expenses on Mumbai's iconic Rajiv Gandhi Bandra Worli Sea Link will enhance by about...

Pre-approved personal loan: Meaning, interest rates, fees & other features-Business Journal

Here we are going to talk about some must-knows of pre-approved personal loans to assist people select...