The Calcutta High Court has issued an interim injunction preventing the Joint Plant Committee (JPC) from utilizing ₹2,970 crore deposited by Tata Steel Limited . The order, received on September 18, 2026, directs that the funds shall not be disbursed to third parties until the company’s pending appeal is resolved.

This legal development stems from ongoing litigation concerning loans availed by Tata Steel from the Steel Development Fund (SDF), managed by the JPC under the Ministry of Steel. The company had previously sought a waiver of these loans in parity with Steel Authority of India Limited (SAIL).

Litigation Background

Tata Steel filed a writ petition before the Calcutta High Court on April 2, 2024, following the rejection of its representation for loan waiver. On May 24, 2024, a Single Bench of the High Court dismissed the petition but granted the company liberty to approach the JPC. Subsequently, Tata Steel filed an appeal before a Division Bench of the same court, which remains pending.

During FY26, the company discharged its liability towards the JPC aggregating to ₹2,970 crore. This payment was made without prejudice to its rights and contentions in the ongoing appeal. The management believed interim protection was necessary to safeguard these deposited amounts.

Interim Order Details

Seeking to protect the deposited funds, Tata Steel filed Interim Application (IA) no. GA/2/2026 before the Calcutta High Court. The application sought an injunction on the JPC utilizing the said amount. The court heard the matter on September 17, 2026.

In its order dated September 17, 2026, the High Court disposed of the interim application with specific directions. It mandated that till the appeal is disposed of, the fund shall not be utilised or disbursed to third parties. This disclosure was made in compliance with Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Tata Steel disclosed a voluntary environmental, social and governance (ESG) rating of 68.3, corresponding to a Grade B, assigned by SES ESG Research Private Limited for 2026.

The rating, issued on September 17, 2026, covers the Metals and Mining sector and is based on publicly available data for FY25-26. Tata Steel clarified that it did not engage SES ESG for these services, noting the report was prepared independently by the SEBI-registered rating provider.

Regulatory Disclosure

The company made the disclosure under Regulations 30 and 51, read with Schedule III, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Parvatheesam Kanchinadham, Company Secretary and Chief Legal Officer, on September 18, 2026.

What the Numbers Show

The Grade B rating reflects the adjusted ESG score derived from FY25-26 performance metrics. As the assessment is voluntary and independent, the score serves as an external benchmark rather than a result of a commissioned audit.