The Securities and Exchange Board of India has moved the Supreme Court against the Securities Appellate Tribunal order rejecting a penalty of INR 200,000 imposed by the regulator on Essar Steel India, now known as AM/NS India. AM/NS India 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. 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.
The Securities and Exchange Board of India has moved the Supreme Court against the Securities Appellate Tribunal order rejecting a penalty of INR 200,000 imposed by the regulator on Essar Steel India, now known as AM/NS India. AM/NS India 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. 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.
