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27 May 2025 11:45:28
- Source: Sharecast
May 27, 2025
London Stock Exchange
London
Dear Sir, Madam,
Sub: Disclosure under Regulations 30 and 51 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
This has reference to the aforementioned subject.
Background:
Erstwhile Bhushan Steel Limited (renamed as Tata Steel BSL Limited, which was acquired under the insolvency and bankruptcy resolution process in May 2018 and subsequently amalgamated into and with Tata Steel Limited effective November 11, 2021) had been allocated New Paratpara Coal Block ('Coal Block') in 2006 and had made necessary expenses towards development of the Coal Block. In 2014, the Hon'ble Supreme Court of India cancelled the allocation of the Coal Block, followed by subsequent auction of part of the Coal Block. In terms of the provisions of the Coal Mines (Special Provisions) Act, 2015, compensation was payable to erstwhile Bhushan Steel Limited for the expenses made towards development of the Coal Block by the subsequent allottee, which necessitated filing of a Writ Petition before the Hon'ble High Court of Delhi, inter alia, seeking the aforesaid pending compensation. Due to passage of time and owing to changes in regulations as well as circumstances of the matter, the Company filed an application before the Hon'ble High Court of Delhi for withdrawing the said Writ Petition. The Writ Petition was subsequently withdrawn with a liberty to file afresh.
Present Status:
The Company has now filed a fresh Writ Petition before the Hon'ble High Court of Delhi seeking relief including compensation of ₹757.14 crore along with interest, for cancellation of the Coal Block and non-payment of pending dues to the Company. The matter was listed and heard by the Hon'ble High Court of Delhi on May 26, 2025. Post hearing the Hon'ble Court was pleased to order issuance of Notice returnable on September 21, 2025.
The details of the litigation as required under the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') are provided in the Annexure enclosed herewith.
This disclosure is being made by the Company in compliance with Regulations 30 and 51 read with Schedule III of the SEBI Listing Regulations.
This is for your information and records.
Thanking you.
Encl.: Annexure
Annexure
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SN |
Particulars |
Details |
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1 |
Brief details of litigation viz. name(s) of the opposing party, court/ tribunal/ agency where litigation is filed, brief details of dispute/litigation. |
Erstwhile Bhushan Steel Limited (renamed as Tata Steel BSL Limited, which was acquired under the insolvency and bankruptcy resolution process in May 2018 and subsequently amalgamated into and with Tata Steel Limited effective November 11, 2021) had been allocated New Paratpara Coal Block ('Coal Block') in 2006 and had made necessary expenses towards development of the Coal Block. In 2014, the Hon'ble Supreme Court of India cancelled the allocation of the Coal Block, followed by subsequent auction of part of the Coal Block. In terms of the provisions of the Coal Mines (Special Provisions) Act, 2015, compensation was payable to erstwhile Bhushan Steel Limited for the expenses made towards development of the Coal Block by the subsequent allottee, which necessitated filing of a Writ Petition before the Hon'ble High Court of Delhi, inter alia, seeking the aforesaid pending compensation. Due to passage of time and owing to changes in regulations as well as circumstances of the matter, the Company filed an application before the Hon'ble High Court of Delhi for withdrawing the said Writ Petition. The Writ Petition was subsequently withdrawn with a liberty to file afresh.
The Company has now filed a fresh Writ Petition before the Hon'ble High Court of Delhi seeking relief including compensation of ₹757.14 crore along with interest, for cancellation of the Coal Block and non-payment of pending dues to the Company. The respondents to the Writ Petition are: 1. Union of India (Ministry of Coal) 2. Nominated Authority (Ministry of Coal) 3. Odisha Industrial Infrastructure Development Corporation (Government of Odisha Undertaking) 4. Department of Steel & Mines (Government of Odisha)
The matter was listed and heard by the Hon'ble High Court of Delhi on May 26, 2025. Post hearing the Hon'ble Court was pleased to order issuance of Notice returnable on September 21, 2025. |
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2 |
Expected financial implications, if any, due to compensation, penalty etc./ Quantum of Claims |
₹757.14 crore + applicable interest |
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