Jindal Steel to contest CEC report before SC
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Jindal Steel to contest CEC report before SC

Last Updated: Monday, April 23, 2012, 15:35
 
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Jindal Steel to contest CEC report before SC
Bangalore: Jindal Steel Works Monday said it will contest the report of the Supreme Court-appointed CEC which has recommended a probe into donations allegedly paid by the firm to a trust owned by the kin of former Karnataka chief minister B S Yeddyurappa.

"The reports are not based on any order of the Supreme Court as the report submitted by CEC is yet to be considered by the Supreme Court", the company said in a statement.

The Apex Court-appointed Central Empowered committee (CEC) had reportedly submitted its report on April 20 recommending extension of scope of CBI investigation against JSW Group Companies.

"JSW Steel (with no captive mines) is not connected with any of the alleged mining activities.The company or any of its group companies have not obtained any benefits from the genuine expenditure incurred either towards philanthropic and social causes for which the Group is committed to or in purchase of land for corporate purposes," it said.

The firm "follows highest standards of corporate governance and complies with law of the land," the release said.

The JSW's clarifications came against the backdrop of CEC referring to donations it made to a trust managed by family members of Yeddyurappa and also purchase of 1.2 acres at Rachenahally for Rs 20 crore.

The company would file its objections to the CEC report before the Supreme Court and contest its recommendations at appropriate time, it said.

Samaj Parivarthana Samudaya, a NGO, has pleaded for a CBI probe into the donations and also land purchase.

PTI



First Published: Monday, April 23, 2012, 15:35


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