India’s federal police agency has named senior company officials of JSW Steel among the accused in a case related to illegal iron ore mining in the southern state of Karnataka.
Earlier this year,India’s top court asked the Central Bureau of Investigation (CBI) to investigate the involvement of JSW and other firms in giving donations,buying land at inflated prices and providing illegal gratification to state officials.
The federal police named JSW Chairman Sajjan Jindal and chief executive officer Vinod Nowal among others,as well as former Karnataka chief minister B S Yeddyurappa and his family members as accused.
Production at JSW Steel’s main 10-million-tonnes a year Vijayanagar plant in Karnataka has been affected since the Supreme Court last year imposed an interim ban on mining in the state,citing illegalities in some mines.
The conclusions drawn by the said authorities leading to chargesheet are without basis. The company always abides by law of the country and would present its case before the court,JSW said in a statement.
Japan’s JFE Holdings holds a 15 percent stake in JSW Steel.
At 9.33 a.m. (0403 GMT),HSW Steel shares were trading 1.9 percent lower in a firm Mumbai market.