Allegations made are misconceived and frivolous: JSPL over CBI court order

After a special CBI court in New Delhi ordered framing of charges on Monday, July 1, against industrialist Naveen Jindal, Jindal Steel and Power Ltd (JSPL) and four others, in connection with irregularities in Urtan  coal block allocation case, JSPL in a statement, categorically denied the charges and allegations, reiterating that the company has done no wrong.

The company further added that they are “confident that the truth will emerge during the course of the judicial process/trial, vindicating our stand”.

“The allegations made against the company and individuals are misconceived and frivolous in nature. It is pertinent to mention here that basis of allocation of a coal block in question was the existing and proposed blast furnace capacity of the plant at Chhattisgarh, qua which there is no allegation of any misrepresentation. The very foundation of the CBI charge sheet is faulty as the Screening Committee, on suggestion of the administrative ministry i.e. Ministry of Steel, and agreed by all the members of the Screening Committee, had decided to recommend allocation of Urtan North Coal Block to JSPL in view of its existing blast furnace capacity of 1.5 MTPA plant at Chhattisgarh.”

“Further, all allegations qua less acquisition of land for Patratu, Jharkhand plant and placing of orders for equipment for less value for Angul, Orissa plant are misconceived as the company had acquired the land for the area and placed the orders for equipment for the value more than, what was mentioned before screening committee, much before actual allocation. Further, bonafide of the company is apparent from the fact of commissioning of 6 mtpa Angul plant in Odisha at an investment of over Rs 33000 crore.  JSPL’s Angul steel making complex is the largest and most modern integrated steel plant in the state of Odisha.”

“Thus, it is a frivolous case of CBI where the charge is not made out for the offences as alleged by the CBI.”

“JSPL has always maintained high standards of corporate governance and always abide by the law of the land. We have full faith in our judiciary that justice will be done.”

“JSPL has been at the forefront of successfully creating and operating large infrastructure projects in the Steel & Power sectors by investing over Rs. 1 Lakh crore; and has generated economic activity of over Rs. 4 lakh crore. Also paid over 40k crore in taxes. Being amongst the highest value creators and employment generators in India, JSPL today employs a workforce of over 1, 00,000 and anchors a socio-economic ecosystem of 2 lakh families.”

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