Allegations made against company and individuals are misconceived and frivolous: JSPL

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Jindal Steel and Power Limited have categorically dismissed the charges made against Naveen Jindal and four others calling them ‘misconceived and frivolous.’

Naveen Jindal

In a statement, the JSPL said, “JSPL categorically denies the charges and allegations and reiterate that our Company has done no wrong and we 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.”

This was after several media reports said that a special court on Monday had ordered framing of charges against industrialist Naveen Jindal and four others in a coal scam case. Special judge Bharat Parashar, according to news agency PTI, ordered that Jindal and the others be put on trial for offenses allegedly committed under sections 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code.

The statement by JSPL said, “It is pertinent to mention here that the 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.”

Besides Jindal, the charges have been framed against Jindal Steel and Power Limited’s former director Sushil Maroo, former deputy managing director Anand Goyal, chief executive officer Vikrant Gujral and the company’s authorised signatory D N Abrol, added PTI report.

The JSPL said that ‘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. The statement added that the company had acquired the land for the area and placed the orders for equipment for the value more than, what was ‘mentioned before the 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 steelmaking complex is the largest and most modern integrated steel plant in the state of Odisha,” the JSPL said.

Terming the case filed by the CBI as frivolous, the statement by the JSPL said that it had 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,” the company said in its media release.

It concluded its statement by reiterating that the ‘JSPL will remain committed to nation-building.’

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