Last checked at 3 Apr 2024 07:00
April 2, 2024
London Stock Exchange
London
Dear Sir, Madam,
Sub: Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
This has reference to the aforementioned subject.
The Hon'ble High Court of Calcutta has today i.e., April 2, 2024, admitted a writ petition filed by Tata Steel Limited ('Company'), in the matter of waiver of loans availed by it from Steel Development Fund. The details of the litigation are provided in the Annexure enclosed herewith.
This disclosure is being made by the Company in compliance with Regulation 30 read with Part A, Para B of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
This is for your information and records.
Encl: Annexure
Annexure
SN | Particulars | Details |
1 | Brief details of litigation viz. name(s) of the opposing party, court/ tribunal/ agency where litigation is filed, brief details of dispute/litigation. | In accordance with the directions of the Hon'ble High Court at Calcutta vide its order dated August 3, 2022, read with order dated January 3, 2023, in Appeal, Tata Steel Limited ('Company') had, on March 28, 2023, filed a representation before the Union of India (Ministry of Steel), seeking waiver of loans availed by it from Steel Development Fund ('SDF') and refund of the balance amount lying in the Fund. The said representation was rejected by the Union of India (Ministry of Steel) vide its letter dated December 29, 2023.
The rejection has been challenged by Tata Steel Limited by a Writ Petition filed before Hon'ble High Court Calcutta. The case was taken up for hearing today i.e., April 2, 2024. The case has been opened today by Tata Steel Limited and the hearing will continue on April 8, 2024.
Relief in the present case has been sought against Union of India (Ministry of Steel), SDF Managing Committee, Joint Plant Committee and other connected respondents. |
2 | Expected financial implications, if any, due to compensation, penalty etc / Quantum of claims, if any, | The total amount of loan outstanding (principal + interest) as of the last annual audited financial statements is ₹2,751.17 crore. The Company has been taking requisite steps to safeguard its interests. |