Thursday, Aug 04,
Indian Steel giant JSW does not agree to the conclusion drawn by the Lokayukta Report which links it to some alleged illegal purchase of iron ore.
The report alleges transportation of iron ore from the stock yard located near JSW Steel premises to Auto Nagar and Baba Plant. The company however clarifies this stock yard is neither owned by JSW nor controlled by the company.
Clarifying its stake, JSW Steel said it procures iron ore from NMDC, VMPL, MML and other mining companies. Each and every tonne of iron ore bought by the company is against valid purchase orders and supplies were accompanied by requisite documents. The company also maintains all accounts of iron ore which is received by the company and its usage. As negotiated with the sellers and suppliers of iron ore the sale consideration as paid by JSW Steel was inclusive of all applicable taxes and royalties. The sellers and suppliers are responsible to discharge their statutory obligations.
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