JSW to contest CEC report before SC

On April 20,the apex court-appointed Central Empowered Committee (CEC) that is looking into the illegal mining scam in the state,had recommended to the court to consider a probe by an investigating agency,such as CBI,to the transactions that allegedly involves kins of Yeddyurappa and companies linked to JSW.

Contending that the CEC report has not yet been considered by the Supreme Court,JSW said,”The company or any of its group companies have not obtained any benefits from the genuine expenditure incurred either towards philanthropic and social causes for which the Group is committed to or in purchase of land for corporate purposes.”

The company also said that it is not involved with any mining activities in the state as JSW has no captive mines to run its operations in Karnataka.

JSW that runs a 10 million tonnes plant at Vijayanagar in the state,added that it follows “highest standards of corporate governance and complies with law of the land”.

Following the CEC report,JSW Steel tumbled today by 5.40 per cent to close at Rs 710.05 apiece on the BSE. Scrips of three other group companies also traded weak.