Ann: Results of Meeting , page-3

Jindal finally has cheap control and it was all because of bad local press about the carbon tax according to the GNM boss who obviously couldn't put out announcements and press releases with facts to prove em wrong at the time . Probably didn't want to put out any announcements as he would have had to come clean on teh true state of production and finances.

What a mess and workers still not paid or given a date it will all be squared up.

ABC

Jindal's $65 million lifeline for Gujurat Coal but still no guarantees on workers' wages

Posted Wed 16 Oct 2013, 9:42pm AEDT



A lifeline for hundreds of miners at the embattled coal miner Gujarat NRE on the NSW south coast. They've been working for a month without being paid in the hope a take-over deal would be done with another Indian mining company Jindal Steel. What they got was a increase in shares and a large cash injection but no guarantees on what they're owed.

http://www.abc.net.au/news/2013-10-16/jindals-65-million-lifeline-for-gujurat-coal-but/5027346?section=business


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http://www.illawarramercury.com.au/story/1845392/video-gujarat-jindal-bid-approved-workers-in-dark/?cs=12

By KATE McILWAIN
Oct. 16, 2013, 4:51 p.m.

Gujarat chairman Arun Jagatramka. Picture: SYLVIA LIBER

Gujarat chairman Arun Jagatramka. Picture: SYLVIA LIBER

Jindal Steel will become the new owner of Gujarat NRE Coking Coal after a shareholders meeting held in Towradgi on Wednesday, but workers remain in the dark over when they’ll next be paid.
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About 200 of shareholders, including many miners who own shares, crammed into a function room at the Quality Suites Pioneer Sands and voted unanimously to allow the Indian steelmaker to acquire up to 53.63 per cent of Gujarat shares.

This effectively gives Jindal control over the company and, once debts to Jindal are repaid, will free up about $18 million in additional capital for Gujarat to use to pay off its creditors.

As it happened: Gujarat shareholders meeting

However, for anxious workers - who received their last pay cheque on September 18 - there was no news about when they would receive the wages and superannuation entitlements they are owed.

After the meeting, Jindal representative Jasbir Singh said his firm was still ‘‘only an investor’’ in the Illawarra company which meant he was unable to comment on when the money would be available for workers to be paid.

‘‘We are doing our due diligence, and it would not be fair to comment just now when they salaries [will be paid] because it’s the company who has to come up with a plan when they are doing their day to day business,’’ Mr Singh said.

‘‘The existing management and existing operations stays as it is, but I can say that our large investment is at stake and we are not taking it lightly, we are taking it very seriously.’’

Chairman Arun Jagatramka was also unable to say when wage payments would be made.

‘‘As a board, we will be meeting after this meeting and we will be discussing these things,’’ he said.

‘‘I believe we should be able to come out with a statement in the next few days. The thing is, we have to sort out many things, before we actually start working.’’
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Mr Jagatramka said it was ‘‘too early’’ to say whether he would stay as chairman of the company, but confirmed he would remain on the board and said he would keep up his ties with the Illawarra.

‘‘I am not stepping down right now, but ultimately it will be the company’s board that will decide,’’ he said.

Meantime, Gujarat shares which fell to a low of 5.5 cents yesterday recovered slightly on Wednesday afternoon - gaining about 27 per cent to close at 8 cents