Revenue recovery certificates (RCRs) have been issued to JSPL and Monnet Ispat for payment of electricity dues amounting to Rs 216.77 crore.
The district administration has asked Jindal Steel and Power (JSPL) and Monnet Ispat and Energy to pay power dues to the tune of over Rs 200 crore in a week, failing which their assets will be attached to recover the amount.
Revenue recovery certificates (RCRs) have been issued to JSPL and Monnet Ispat for payment of electricity dues amounting to Rs 216.77 crore. The certificates have been issued under Chhattisgarh Electricity Duty Act, 1949, said
Also read: Jindal Steel & Power may test Rs 335-340: Amit Gupta
Rajat Bansal, Raigarh Sub-Divisional Magistrate (SDM) today. The order to issue certificates was given by Raigarh Collector Mukesh Bansal on the direction of Chhattisgarh's Chief Power Inspector P K Majumdar, he said.
JSPL has to pay Rs 175.74 crore towards electricity dues (which include interest), while the pending amount for Monnet Ispat was Rs 41.03 crore, the SDM said.
He said the dues, related to their facilities here in Chhattisgarh, had been pending for nearly seven years.
In case the companies fail to pay the outstanding sum by June 6, their assets will be attached to recover the amount, Rajat Bansal said.
When contacted, JSPL Executive Director Pankaj Gautam said the company had not yet received the order and came to know about it through media.
The officials of Monnet could not be contacted for comments.
Jindal Steel stock price
On May 30, 2014, Jindal Steel & Power closed at Rs 298.00, up Rs 0.45, or 0.15 percent. The 52-week high of the share was Rs 319.70 and the 52-week low was Rs 181.55.
The company's trailing 12-month (TTM) EPS was at Rs 14.12 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 21.1. The latest book value of the company is Rs 149.07 per share. At current value, the price-to-book value of the company is 2.00.
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