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JSW Steel says ₹702-crore mining demand set aside, case remanded to Odisha govtThe case relates to alleged violations at the company’s iron ore mining operations in Narayanposhi, Jajang, Nuagaon, and Gonua mines, including claims of a drop in grade of production, deviation from the approved mining plan, and use of a higher mesh size during screening. Shares of JSW Steel Ltd ended at ₹972.15, down by ₹56.15, or 5.46%, on the BSE.By Jomy Jos Pullokaran   May 2, 2025, 6:32:29 PM IST (Published)2 Min ReadSteelmaker JSW Steel Ltd on Friday (May 2) announced that the ₹702-crore demand raised by the deputy director of mines has been set aside by the revisionary authority.

"...we would like to update that the Revisionary Authority has set aside the aforesaid Demand Notices and the matter has been has remanded back to the State Government of Odisha to dispose of the same after giving proper opportunity of hearing to the company," JSW Steel said in a regulatory filing.

The matter has now been remanded back to the Odisha state government for fresh consideration, with directions to provide the company a proper opportunity to be heard.

Also Read: JSW Steel shares fall 7% after Supreme Court rejects Bhushan Power & Steel resolution plan

The case relates to alleged violations at the company’s iron ore mining operations in Narayanposhi, Jajang, Nuagaon, and Gonua mines, including claims of a drop in grade of production, deviation from the approved mining plan, and use of a higher mesh size during screening. The initial demand notice was issued on August 30, 2023.

JSW Steel had filed an appeal before the district mining officer and the revisionary authority. The order setting aside the demand, along with its corrigenda, was received by the company on May 1, 2025.

SC order on Bhushan Power and Steel

Also, the Supreme Court today (May 3) had struck down JSW Steel’s ₹19,700-crore resolution plan for Bhushan Power and Steel Ltd (BPSL), ordering the debt-laden company to be liquidated instead.

Also Read: Indian banks stare at over ₹3 lakh crore exposure in Bhushan Power liquidation blow

The ruling cited two key reasons for its decision: JSW’s use of a mix of equity and optionally convertible debentures (OCDs) to complete the takeover, when it should have been executed solely through equity; and a failure to implement the plan within the timeframe mandated under insolvency law.

The apex court declared the plan, approved earlier by Bhushan Power’s Committee of Creditors (CoC), as illegal, stating it should not have been accepted in the first place.

Shares of JSW Steel Ltd ended at ₹972.15, down by ₹56.15, or 5.46%, on the BSE.

Also Read: JSW Steel bucks the trend as only gainer on Nifty Metal index in 2025

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