SUB: Order under section 19 of the Securities and Exchange Board of India Act, 1992 read with Sections 11 and 11B of the said Act and Regulation 11 of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 against Ispat Industries Limited and one of its directors, Shri Anil Sureka.


It was found that M/s Ispat Industries Ltd., while making statements in the interview to the CNBC on 26th September, 2003 regarding quantitative projections of turnover, cost savings and export target resulting out of the planned capacity expansion, have failed to make adequate disclosures as per the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 and the listing agreement in respect of price sensitive information. 

In view of this, vide order dated March 31, 2004, M/s Ispat Industries Ltd. has been warned to be more careful in future and ensure compliance with the SEBI Act, the Rules and Regulations framed there under and more specifically with the Code of Corporate Disclosure mentioned in Schedule II to the Insider Trading Regulations.