The CBI named JSW chairman Sajjan Jindal and chief executive officer Vinod Nowal among others, as well as former Karnataka chief minister BS 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, in 2011, 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% stake in JSW Steel.
At 9.33am, JSW Steel shares were trading 1.9% lower in a firm Mumbai market.