The Securities Appellate Tribunal set aside Securities and Exchange Board of India’s order on Bhushan Group companies on violation of takeover regulations in their acquisition of Orissa Sponge Iron and Steel Ltd.

SAT in a notice said that “We are satisfied that there was no attempt on the part of the appellants either to dodge the provisions of the takeover code or to compromise the interest of the investors.”

The market regulator had in January imposed a fine of Rs 450,000 on Bhushan Group companies claiming they had failed to make a public announcement despite their stake in Orissa Sponge rising to 17% as on January 29th 2009.

The Bhushan Group companies include Bhushan Energy, Bhushan Steel, BNS Steel Trading, BBN Transportation, BNR Infotech, and BNR Consultancy Services.

(Sourced from BS)