Vedanta Subsidiary ESL Steel Receives Adjudication Order

Vedanta Iron And Steel Limited (VISL) announced that its subsidiary, ESL Steel Limited (ESL), has received an Adjudication Order from the Registrar of Companies, Ranchi. The order pertains to violations of Section 197(15) read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, concerning the financial years 2015-16 to 2017-18 and the erstwhile management of ESL. Importantly, ESL is exempted from penalty under Section 32A of the IBC 2016. The adjudication proceedings are now concluded. Ex-directors have accepted penalties as per notices.