Supreme Court upholds Karnataka's forfeiture of JSW Steel's ₹128 crore performance securities

The Supreme Court Wednesday refused to stay the Karnataka government's direction to banks to forfeit JSW Steel's ₹128 crore performance securities. The state's mines and geology director had issued the direction to banks citing the company's failure to meet minimum production requirement of iron ore from a mine in Chitradurga district.

JSW Steel approached the court after it did not get a favourable order Monday from the Karnataka HC. The company through senior counsel AM Singhvi told court that the state mining department issued the order without affording it any opportunity of hearing.