SEBI moves SC against SAT order on ArcelorMittal Nippon

Mumbai: The Securities and Exchange Board of India (SEBI) has moved the Supreme Court against the Securities Appellate Tribunal order rejecting a penalty of 2,00,000 rupees imposed by the regulator onEssar Steel India, now known as ArcelorMittal Nippon Steel India Ltd.

SEBI had levied the fine on Essar Steel for not making the requisite disclosure under the listing obligations and disclosure requirement rules in the case relating to the issuance of non-convertible debt securities in 2011.

Essar Steel was accused by SEBI of breaking the law from December 2015 to March 2019 on several occasions.

In 2017, bankruptcy proceedings were initiated against Essar Steel. After the insolvency process was over, it was then taken over by ArcelorMittal Nippon Steel India in 2019.

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ArcelorMittal Nippon Steel India had said that the Supreme Court also observed that it should get a clean state while its resolution plan was approved.

However, SEBI argued that the resolution professional was required to abide by the rules governing listing obligations and disclosure requirements while the resolution plan was still in effect.

The apex court today tagged the matter with another related case for further hearing.