"National Stock Exchange of India (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 Regulations," Electrosteel Steels said in a regulatory filing.
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, metal and mining giant Vedanta had acquired the management control of debt-laden Electrosteel Steels.
As per the resolution plan submitted by Vedanta, Electrosteel Steels will be delisted from Indian stock exchanges - NSE and BSE.
In March this year, Vedanta was declared as successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016.
National Company Law Appellate Tribunal (NCLAT), however, has said that any steps over Electrosteel would be subject to the outcome of its final decision.
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