Business and ethics are inseparable; hence ethics in business is our core focus. We at Gujarat NRE take it as our responsibility to make the statutory bodies and general investing public aware of the malpractices being adopted by a section of unscrupulous promoters. We also constantly communicate with our valued shareholders and general investing public informing them about the latest developments in the coal and coke industry, its future, etc., so that they do not get trapped by the market sentiments and take judicious decision on investments of their hard earned money.
In pursuance of the above, we have voiced against unethical practice of Austral Coke & Projects Ltd and its attempt to misguide the investor community through misstatements. Gujarat NRE Coke has brought in public glare the various attempts made by Austral Coke to divert public attention from their misstatements in prospectus. In order to save the interest of our shareholders and to save the investor community at large, Gujarat NRE Coke was forced to speak out and blow the lid and expose the various misdeeds and acts of Austral Coke by approaching the authorities, as well as all the shareholders and the public at large through the media.
Present Status of legal actions initiated
In the Hon’ble Bombay High Court
We had issued a press release pointing out misstatements in prospectus of Austral Coke and Projects, while they attempted to use reputation and goodwill of Gujarat NRE Coke Limited, therefore damaging notion of our Share Holders about the company. We also tried to educate the Investor vis-à-vis society at large by disseminating information about various misstatements in Austral prospectus, resulting, we were hit by a 600Cr Defamation Suit in Bombay High Court. Our request to appoint a Court Commissioner to verify the assets at Austral Coke plant in Gujarat ,is being resisted by Austral for the very fear that truth will come out before the Court.
Since there is no basis for the case to continue, GNCL has taken step to have the suit dismissed with costs in its favor.
In the Hon’ble Calcutta High Court
GNCL filed a civil suit in Hon’ble Calcutta High Court against Austral for Rs.4761 Crores for using defamatory words against GNCL spreading false allegation and corrupting the society vis-à-vis investor fraternity at large. An Interim Order was passed by the Hon’ble Court and presently the same is in different Hearing Stages.
Criminal Complaint before Ld.Chief Metropolitan Magistrate, Calcutta
GNCL filed a criminal complaint against all the Directors of Austral and Auditors for suppression of facts in the offer document and since they preferred to remain abstain from attending the Hon’ble Court as such Ld.Chief Metropolitan Magistrate, Calcutta has issued an Arrest Warrant against all the Directors. Austral, however, filed a petition in Hon’ble Calcutta High Court for quashing of the said criminal complaint, which is subjudice.