Description

RTI appeal regarding delisted shares of Uttam Value Steels Limited (now Evonith Value Steels Limited) dismissed due to vague and non-specific queries.

Summary

SEBI’s Appellate Authority dismissed Appeal No. 6584 of 2025 filed by Kumar Gautam under the Right to Information Act, 2005. The appellant sought information regarding his delisted shares of Uttam Value Steels Limited (now renamed Evonith Value Steels Limited). The appeal was dismissed as the queries were found to be vague and non-specific, not meeting the requirements for information disclosure under the RTI Act.

Key Points

  • Appellant purchased 680,006 equity shares of Uttam Value Steels Limited in November 2020
  • Company was delisted in December 2020 through corporate action based on NCLT approved resolution plan dated May 6, 2020
  • Company renamed to Evonith Value Steels Limited
  • Pre-CIRP paid up capital including equity and preference shares was cancelled without payout
  • Original RTI application transferred from Ministry of Corporate Affairs to SEBI on August 26, 2025
  • CPIO responded on September 23, 2025, stating queries were vague and not specific
  • Appeal filed on October 5, 2025 (Reg. No. SEBIH/A/E/25/00267)

Regulatory Framework

The order cited the Central Information Commission decision in Mr. T. V. Sundaresan vs. CPIO, SEBI (November 24, 2021), which established that RTI Act requires information sought to be:

  • Clear and specific
  • Available in documented or material form with the public authority
  • Not based on broad, multiple, general or presumptive queries

Appeal Decision

The Appellate Authority upheld the CPIO’s response, finding no deficiency in the handling of queries i and ii. The Authority confirmed that:

  • Information sought must be clear, specific, and available in public authority records
  • Vague queries cannot be construed as “Information” under Section 2(f) of RTI Act
  • The appellant’s queries did not meet the statutory requirements for disclosure

Important Dates

  • November 2020: Appellant purchased shares
  • December 2020: Company delisting
  • May 6, 2020: NCLT approved resolution plan (reference date)
  • August 26, 2025: RTI application transferred to SEBI
  • September 23, 2025: CPIO response issued
  • October 5, 2025: Appeal filed
  • October 30, 2025: Appeal order issued

Impact Assessment

This is an individual case with no broader regulatory or market impact. It demonstrates SEBI’s adherence to established RTI principles requiring specific and clear information requests. The case relates to post-insolvency resolution issues affecting individual shareholders of a delisted company.

Impact Justification

Individual RTI appeal case with no broader market impact or regulatory changes