Nothing fishy in allocation of Ramchandi coal block to JSPL: CVC

CVC echoes CBI view; Supreme Court final hearing on Aug 2; Jindal Steel stock end 15% up on BSE

In yet another positive development for Naveen Jindal-led Jindal Steel & Power (JSPL), the Central Vigilance Commission (CVC) has endorsed the view of Central Bureau of Investigation (CBI) that there are no irregularities in the allocation of Ramchandi coal block in Odisha.

The Supreme Court today in its notification said, the CVC has accepted the view of the CBI that in the coal-to-liquid projects, no irregularities have been found and accordingly, observations of the CVC are taken on record.

“No further orders are required to be passed on this note,” said the apex court in its notification.

However, a final hearing will take place on August 2, said the court.

Supreme Court verdict in 2014 had led to de-allocation of Jindal Steel & Power's coal block in Odisha where the company had planned to have a coal-to-liquid (CTL) project investing Rs 60,000-crore.

JSPL was allotted two coal blocks in Odisha. While Utkal B-1 block was being developed for the steel project, block at Ramchandi in Talcher coalfield was linked to the CTL plant.

Today, shares of Jindal Steel ended 15 percent up at Rs 81 on the BSE.