MUMBAI: Electrosteel Steels, which is undergoing insolvency resolution process, on Friday said the National Stock Exchange of India (NSE) has imposed a monetary penalty of over Rs 1 crore on it for non-compliance in filing within the stipulated time its financial results for the quarter and year ended March 31, 2018.
As per norms, the company has to submit audited financial results within 60 days from the end of the financial year.
“NSE has imposed a penalty of Rs 10,080,000 on Electrosteel Steels, vide its notice for non-compliance dated June 15, 2018... The penalty was imposed for non-compliance with Regulation 33 of the LODR (Listing Obligations and Disclosure Requirements) Regulations,” Electrosteel Steels said in a disclosure on Friday.
It requested an exemption from compliance under Regulation 33 of the LODR from the SEBI, but the request was denied on June 25.
Electrosteel Steels, however, said pending SEBI’s response to the exemption application filed by the company, the aforementioned penalty was imposed by NSE. “The company is reviewing NSE’s letter and seeking appropriate legal advice,” it added.
Last month, mining major Vedanta had acquired the management control of Electrosteel Steels. And as per the resolution plan submitted by Vedanta, the debt-ridden firm will be delisted from both the NSE and BSE.