REG - Tata Steel Limited - Disclosure under Regulation 30 of SEBI LODR, 2015

TATA SteelAnnouncement

03/04/2024 07:00

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RNS Number : 0562J  Tata Steel Limited  02 April 2024

 

 

 
         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/       In accordance with the directions of the Hon'ble High Court at Calcutta vide
     tribunal/ agency where litigation is filed, brief details of                 its order dated August 3, 2022, read with order dated January 3, 2023, in
     dispute/litigation.                                                          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 /  The total amount of loan outstanding (principal + interest) as of the last
     Quantum of claims, if any,                                                   annual audited financial statements is ₹2,751.17 crore. The Company has been
                                                                                  taking requisite steps to safeguard its interests.

 

 

 

 

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