JSW denies Lokayukta charges of illegal deals

It said that it has not been allocated any iron ore mine even after operating its steel plant for over 20 years in the state.

Sajjan Jindal-promoted JSW Steel today firmly denied allegations of bribery and other illegal deals levelled by the Karnataka Lokayukta against it. It said that it has not been allocated any iron ore mine even after operating its steel plant for over 20 years in the state.

Addressing a press conference here,JSW Group Chief Financial Officer Seshagiri Rao pointed out that speculative inferences have been drawn against the company in the Lokayukta report,and the company has not been given adequate opportunity to present its view points and facts. JSW Steel is appalled and concerned with the untenable conclusions drawn in the Lokayukta report based on speculative inferences being drawn against it without giving adequate opportunity to the company to present its view point with complete facts, Rao said.

Refuting the allegation that JSW Steel illegally received 1.29 million metric tons of iron ore from April,2009 to July,2010 for which it didnt pay the government any royalties,Rao said each tonne of iron ore bought by the JSW Steel is against valid purchase orders and supplies were accompanied by requisite documents. The company has accounted for entire procurement and its usage and has paid the sale consideration for the same,including taxes and royalties.

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Rao said the Rs 20 crore paid to an educational trust,run by the family of former chief minister B S Yeddyurappa,was for construction of an auditorium,which was to be named after the company founder chairman O P Jindal.

This contribution was made after satisfying that these institutions are professionally managed, he said,adding that the group spends about 1.5 per cent of its net profit voluntarily on CSR activities,which will amount to about Rs 25 crore annually.

However,he evaded a direct answer to a question as to why a large sum of Rs 20 crore was paid to an education trust,when the companys total budget for corporate social responsibility (CSR) is about Rs 25 crore.

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