Jindal Steel accuses former Gujarat NRE Coke promoter of fund diversion


Jindal Steel accuses former Gujarat NRE Coke promoter of fund diversion

Jindal Steel and Power Ltd has levelled a series of charges against Arun Kumar Jagatramka, former promoter of Gujarat NRE Coke, including diversion of funds while refuting allegations made by the latter in a letter to market regulator Sebi.

The Naveen Jindal flagship, which bought Gujarat NRE Coke’s coal mines in Australia, accused Jagatramka of diversion of funds and mismanagement that forced his firm into liquidation and caused a loss of Rs 5,000 crore for its banks and creditors.

Jagatramka in a letter to Sebi had alleged, “The real life situation on Naveen Jindal-promoted JSPL’s subsidiaries in Australia are being knowingly kept hidden and (they are) misreporting on their current situation.

” JSPL is engaged in a court battle with Jagatramka, having accused him of “cheating” and resorting to “dirty tricks”. Read More

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