Jindal Drilling executive to move court against sacking

September 26th, 2010 - 8:06 pm ICT by IANS  

New Delhi, Sep 26 (IANS) The sacked managing director of Jindal Drilling and Industries (JDIL), a leading drilling contractor in the oil exploration space, has said he would move court against the company’s decision.

“The decision of the Board of JDIL is shocking. My removal is prompted by motivated reasons and is illegal. I have full faith in the judicial system of our country. I am sure I’ll get justice,” said Naresh Kumar, erstwhile managing director of JDIL.

In a regulatory filing to the Bombay Stock Exchange, JDIL had said its board was terminating the services of Kumar as it had lost confidence in him.

“The board has lost confidence in Naresh Kumar, managing director of the company, and terminated his appointment with immediate effect and all powers granted to him have also been withdrawn from him with immediate effect,” said a JDIL statement.

The company, however, did not give any reason for removing Kumar.

JDIL was recently listed in Asia’s top 200 under a billion companies by Forbes and had a turnover of Rs.1,195 crore in 2009-10.

JDIL is a major component of the D.P.Jindal group, which also controls Maharashtra Seamless Ltd. and Jindal Pipes.

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