SEBI imposes Rs 20 lakh fine on TRF

Torsteel Research Foundation asked to pay the penalty within 45 days of receipt of the order.

Stock market regulator Sebi on Friday imposed Rs 20 lakh penalty on Torsteel Research Foundation (TRF) in India,one of the promoters of Orissa Sponge Iron and Steel,for not complying with regulations.

“I hereby impose a monetary penalty of Rs 20 lakh… on TRF,which in my opinion is commensurate with the defaults committed by TRF,” Sebi said in an order.

Based on the complaint of OSISL relating to acquisition of shares of the company by TRF,it was found out that there was violation of certain regulation of takeover norms.

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“The intentions of the TRF notwithstanding,the violation of the provisions the Takeover Regulations with respect to the acquisitions of shares of the OSISL remains established as per their own admission,” the order said.

Set-up in 1979,Orissa Sponge Iron and Steel Ltd (OSISL) was promoted jointly by the Industrial Promotion & Investment Corporation of Orissa Ltd and Torsteel Research Foundation and its associates.

The order also stated that TRF have concealed vital information regarding the change in shareholding by failing to make requisite disclosure when they crossed the threshold limit of 2 per cent.

Timely disclosure thereof was of importance from the point of view of investors as that would have prompted them to buy or sell shares of OSISL.

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It further said that the TRF should pay the penalty within 45 days of receipt of the order.

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