Last checked at 28 Sep 2023 17:11
September 28, 2023
London Stock Exchange
London
Dear Sir, Madam,
Re: Intimation of Adjudication Order from Registrar of Companies, Cuttack received by Neelachal Ispat Nigam Limited, indirect subsidiary company
This has reference to the aforementioned subject.
Tata Steel Long Products Limited ('TSLP'), a listed subsidiary of Tata Steel Limited, had completed the acquisition of Neelachal Ispat Nigam Limited ('NINL') on July 4, 2022, under the process run by Department of Disinvestment & Public Asset Management, Government of India. Consequent to the acquisition, NINL became an indirect unlisted subsidiary of Tata Steel Limited ('Company') and a direct subsidiary of TSLP.
Post the acquisition, in April 2023, NINL had voluntarily filed 22 compounding applications before the Registrar of Companies, Cuttack ('ROC') under Section 441 of the Companies Act, 2013, for compounding the defaults made by NINL under the provisions of the Companies Act, 2013, prior to the acquisition of NINL by TSLP. Of the 22 applications filed, 19 applications have been adjudicated by the ROC on September 22, 2023, and 3 applications are pending for compounding before the Regional Director, Eastern Region, Ministry of Corporate Affairs.
NINL has on September 27, 2023, received orders dated September 26, 2023, from the ROC under Section 454 of the Companies Act, 2013, imposing a penalty of approximately ?55.41 lakh on NINL.
TSLP being a listed entity and the holding company of NINL has made necessary disclosures to the stock exchanges today in compliance with Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
The disclosure made by TSLP is enclosed herewith.http://www.rns-pdf.londonstockexchange.com/rns/0624O_1-2023-9-28.pdf
This disclosure is made by Tata Steel Limited in compliance with Regulation 30 read with Part A of Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This is for your information and records.