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SEBI fines Tata Steel for late disclosure

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Mumbai : Markets regulator SEBI on Thursday imposed a penalty of Rs 10 lakh on Tata Steel for a delay in making necessary disclosures about its increased shareholding in a group firm, Tinplate Company of India Limited.

 Tata Steel currently holds nearly a 75 per cent in Tinplate, a separately listed group firm, which is among the country’s largest producer of tinplate and that firm’s products are used for canning and packaging of processed foods, paints, beverages, dairy and in other products.

As regulations seek to ensure fair treatment by mandating timely and adequate disclosures to enable investors make an informed decision, Tata Steel was found to be liable for monetary penalty by failing to make the necessary disclosures within the prescribed timelines, SEBI said.