JSPL refutes allegations about not sharing info on Australian mines

Jindal Steel and Power (JSPL) on Tuesday refuted allegations of not reporting to the investors issues related to its mines in Australia and termed the charges as “false facts”.

“Arun Kumar Jagatramka erstwhile promoter of Gujarat NRE Coke, has made an extremely shallow attempt by writing a flimsy defamatory piece and the allegations made are incorrect and frivolous in its entirety and hence not to be believed,” JSPL said.

The company further informed the exchange that it is already into litigation with GNCL and it is saddening to see that Jagatramka is resorting to insinuate the public at large with false fact and accusations in response to the litigations.

The company said this is in response to a clarification sought from the exchange with reference to a media report, 'JSPL not disclosing closure of Australian mines to investors: Gujarat NRE ex-promoter to SEBI'.

According to media reports, Jagatramka in a letter to the Securities and Exchange Board of India (Sebi) has accused JSPL of not reporting to the investors issues related to its mines in Australia.

In its clarification, JSPL further said "JSPL understands its responsibility and accountability that comes with it and always abide by all regulations/ laws, and as a law abiding corporate, the company has never concealed anything and have kept all the stake holders timely informed about all developments/changes that have happened so far".

In February 2019, JSPL had said that the company undertook repair and overhaul of equipment at the Wongawilli mines and the application for approval for starting the Russel Vale mines progressed well during the quarter.