JSW Steel Limited has informed regarding Disclosure of material issue Revisionary Authority has set aside the Demand Notices of Deputy Director of Mines Rs. 702 crores .
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JSW Steel has received an order from the Revisionary Authority dated May 1, 2025, setting aside demand notices worth Rs. 702 crores that were raised by the Deputy Director of Mines. These notices were related to alleged drop in grade of production, violation of mining plan, and use of higher mesh size for screening at the company's Narayanposhi, Jajang, Nuagaon and Gonua iron ore mines in Odisha. The company had appealed against these notices in 2023. The matter has now been sent back to the Odisha State Government for a fresh hearing with proper opportunity to JSW Steel. While the demand has been set aside, the issue is not fully closed as the state government will re-examine the case.
This is a positive development for JSW Steel shareholders as the Rs. 702 crore demand has been temporarily quashed, removing an immediate financial overhang. However, the matter is remanded for fresh hearing, so some uncertainty remains until the Odisha government completes its review.