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JSW chairman, CEO named in illegal mining case

Reuters  Mumbai, October 17, 2012
First Published: 20:20 IST(17/10/2012) | Last Updated: 22:46 IST(17/10/2012)

The Central Bureau of Investigation (CBI) has named senior company officials of JSW Steel among the accused in a case related to illegal iron ore mining in Karnataka.


Earlier in 2012, the Supreme Court asked 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 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.

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