The Securities Appellate Tribunal (SAT) today set aside Securities and Exchange Board of India’s (Sebi’s) order on Bhushan Group companies on violation of takeover regulations in their acquisition of Orissa Sponge Iron and Steel Ltd.
The market regulator had in January imposed a fine of Rs 450,000 on Bhushan Group companies claiming they had failed to make a public announcement despite their stake in Orissa Sponge rising to 17 per cent as on January 29, 2009.
“We are satisfied that there was no attempt on the part of the appellants either to dodge the provisions of the takeover code or to compromise the interest of the investors,” SAT said in a notice.
The Bhushan Group companies include Bhushan Energy, Bhushan Steel, BNS Steel Trading, BBN Transportation, BNR Infotech, and BNR Consultancy Services.