India's steel tycoon Sajjan Jindal denies allegation of rape

SAJJAN JINDAL, the chairman of Indian steel-to-power conglomerate JSW Group has denied an allegation of rape, saying he will cooperate with an ongoing investigation.

"Mr. Sajjan Jindal denies these false and baseless allegations. He is committed to providing full cooperation throughout the investigation," a representative for Jindal said in a statement on Sunday (17).

"As the investigation is ongoing, we will refrain from commenting further at this stage. We kindly request you to respect the privacy of the family," it added.

Indian media reports said Jindal, 64, was accused of rape in a report filed at Mumbai's Bandra Kurla Complex Police Station.

The reports said the complainant was a 30-year-old woman and the alleged incident occurred last year.

The police station in Mumbai's central business district did not respond to Reuters calls seeking comment.

The woman allegedly met Jindal for the first time on October 8, 2021, in Dubai where the pair exchanged their phone numbers.

In her statement to Mumbai Police accessed by CNBC-TV18, she accused the steel tycoon of making sexual advances towards her after a few meetings.

She alleged that the police were initially reluctant to register a case against the businessman - a claim the force denied - but obliged only after a nudge by the Bombay High Court.

Jindal has been booked under various sections of the Indian Penal Code which deal with rape, assault or criminal force to a woman with intent to outrage her modesty, and criminal intimidation.

JSW Steel shares declined 1.42 per cent on the bourses on Monday (18), but the stocks of two other group companies - JSW Energy and JSW Infrastructure - recovered from their lows to end the day marginally higher.

The allegation of sexual assault comes amid investor concerns at another group - Raymond.

The textile major’s managing director and chairman Gautam Singhania is finalising a divorce settlement with his estranged wife Nawaz Modi following accusations of domestic violence.

(With inputs from Reuters)