Key Details of Adjudication Order

  • Order Reference: PO/ADJ/08-2026/RN/02768
  • Issuing Authority: Registrar of Companies, ROC Ranchi
  • Order Date: August 25, 2026 (received at approximately 07:45 pm)
  • Legal Basis: Section 454 of the Companies Act, 2013
  • Violation: Section 197(15) read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
  • Period of Non-Compliance: Financial years 2015-16 to 2017-18

Particulars of Alleged Non-Compliance

Alleged non-disclosure of ratio of directors' remuneration to median employee remuneration and other prescribed disclosures in Board's Report/Corporate Governance Report during the specified financial years.

Financial Impact and Penalty Status

  • Company Penalty: ESL Steel Limited is exempted from any penalty in terms of Section 32A of the Insolvency and Bankruptcy Code, 2016.
  • Individual Penalties: Ex-directors have accepted the penalty as mentioned in the notices and undertake to remit the same as directed by the Adjudicating Officer.

Context and Status

  • The matter pertains to the erstwhile management of ESL Steel Limited
  • The adjudication proceedings are now concluded with this order
  • This disclosure follows previous intimation with reference no. VISL/SEC./SE/2026-27/19 dated July 30, 2026