Northern Iron Limited
(ASX:NFE) has been ordered to pay a $66,000 penalty by ASIC for failing to meet continuous disclosure obligations required in the Corporations Act.
The allegations surround a highly conditional non- binding proposal by the Aditya Birla Group.
The Indian company withdrew its takeover bid following a lengthy due diligence period.
The iron ore miner says it will not dispute the penalty in the interests of the company and its shareholders.
Northern Iron reported a net profit of $4.9 million in the 2012 financial year.
