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The Supreme Court of India has quashed a money-laundering case filed against JSW Steel Ltd in connection with its business dealings with Obulapuram Mining Company (OMC), bringing relief to the steel major after years of litigation.
A bench headed by Justice B.R. Gavai ruled that there was no direct evidence linking JSW Steel to any alleged proceeds of crime and that the company’s commercial transactions could not be treated as offences under the Prevention of Money Laundering Act (PMLA).
The case originated from allegations that OMC, owned by the Reddy brothers of Bellary, had engaged in illegal mining and that JSW Steel had benefitted through ore supply agreements. The Enforcement Directorate (ED) had earlier attached assets and initiated proceedings against the company.
The apex court’s judgment stated that JSW Steel was a bona fide purchaser and investor with no role in OMC’s alleged violations, thereby setting aside the ED’s actions.
Legal experts say the ruling reinforces judicial clarity on distinguishing legitimate business transactions from criminal liability, strengthening investor confidence in India’s corporate and mining sectors.
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