JSPL not disclosing closure of Australian mines to investors: Gujarat NRE ex-promoter to SEBI


JSPL not disclosing closure of Australian mines to investors: Gujarat NRE ex-promoter to SEBI

Naveen Jindal’s Jindal Steel and Power Ltd seems to be facing trouble from Arun Kumar Jagatramka, the erstwhile promoter of under-liquidation Gujarat NRE Coke.

In a letter to SEBI, Jagatramka has accused Jindal and his company of not reporting hurdles that JSPL is facing in the Russelvale and Wongawilli mines in New South Wales, Australia. JSPL operates these mines through Wollongong Coal and Wongawilli, its main subsidiaries with operations in Australia.

In the letter to SEBI, Jagatramka said: “Officers of JSPL India have repeatedly and regularly assured investors that the mines in Australia are operating well and production is expected to ramp up in the future.

But, in reality, the bigger mine with newly installed Longwall mining equipment, namely, Russell Vale Mine, is on care and maintenance since 2014 due to the absence of mining approvals. Read More

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