India’s Securities Appellate Tribunal has quashed the Securities & Exchange Board of India’s order imposing a fine on ArcelorMittal Nippon Steel India for violating listing obligations and disclosure norms. Securities Appellate Tribunal’s bench led by Justice Tarun Agarwala said “The impugned order dated 28 March cannot be sustained and is quashed. The appeal is allowed with no order as to costs. However, it will be open to the respondent Sebi to initiate proceedings for the relevant period against the relevant entities.”On 28 March, Sebi imposed a penalty of INR 2 lakh on A ArcelorMittal Nippon Steel India for the violations. SEBI had said “The enforcement of this order shall be subject to the outcome of the appeals in Monnet Ispat & Energy, Alok Industries & Raj Oil Mills before Supreme Court.”In October 2019, an adjudicating officer of Sebi has issued a show-cause notice to ArcelorMittal asking why an inquiry should not be initiated against it and a penalty should not be imposed for non-disclosures related to issuance of non-convertible debentures way back in 2011. After the completion of the corporate insolvency resolution process Essar was taken over by ArcelorMittal India in December 2019.