JSPL refutes allegations of not disclosing info on Australian mines to investors

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Published: April 17, 2019 1:13:21 AM

Former Gujarat NRE Coke promoter Arun Kumar Jagatramka had told Sebi that JSPL is not reporting hurdles faced by it in the Russelvale and Wongawilli mines in New South Wales, Australia. JSPL said the charges were ‘frivolous’.

JSPL refutes allegations of not disclosing info on Australian mines to investorsJSPL refutes allegations of not disclosing info on Australian mines to investors (Representational image)

Jindal Steel and Power (JSPL) on Tuesday refuted charges made by Arun Kumar Jagatramka, the erstwhile promoter of Gujarat NRE Coke, in a letter to the Securities and Exchange Board of India (Sebi) that JSPL is not reporting hurdles faced by it in the Russelvale and Wongawilli mines in New South Wales, Australia. JSPL informed the stock exchanges that the charges are “frivolous” and that the company has not “concealed” any information.

“We understand our responsibility and accountability that comes with it and always abide by all regulations/laws, and as a law abiding corporate, we have never concealed anything and have kept all the stakeholders timely informed about all developments/changes that have happened so far,” JSPL said in a filing.

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Jagatramka in his letter alleged that the Russell Vale Mine — bigger mine wherein new equipment have been installed — does not have mining approvals and is on care and maintenance since 2014. He has alleged that after getting various notices regarding breach of workplace safety laws, the mine was eventually shut on March 19, 2019, by the NSW Resource Regulator due to non-compliance and roof fall.

Jagatramka, whose company Gujarat NRE Coke is under liquidation process, owes the Naveen Jindal-led JSPL `94 crore awarded through an arbitration process, claims JSPL. Both parties are contesting four litigation cases against each other.

In a separate filing on Tuesday, JSPL also said the company achieved its highest ever crude steel production and sales number for a quarter at 1.51 MT and 1.45 MT, respectively, during Q4FY19. In the year-ago period, the company produced 1.26 MT and sold 1.18 MT of crude steel.

“In the fourth quarter, we continued the momentum. With the ramp up in production at Angul, we are confident of further accelerating the growth momentum, both in production and sales,” Naushad Akhter Ansari, joint managing director, JSPL, said in a statement.

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