ESL Steel exempted from penalty in adjudication order

Vedanta Iron And Steel Limited (VISL) subsidiary, ESL Steel Limited (ESL), has received an Adjudication Order concerning violations of Section 197(15) read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The matter pertains to the financial years 2015-16 to 2017-18 and relates to the erstwhile management. Importantly, ESL has been exempted from any penalty under Section 32A of the Insolvency and Bankruptcy Code, 2016. The adjudication proceedings are now concluded. Ex-directors and ex-Key Managerial Personnel (KMP) have accepted penalties as directed by the Adjudicating Officer.