India's Supreme Court has ordered a federal probe against
India-based steelmaker
JSW Steel regarding the alleged involvement of the company in illegal
iron ore mining in the southern state of Karnataka, according to media reports.
The investigation will examine the donations made by the group and land purchases at highly inflated prices. An interim report is scheduled to be submitted by August 3. In October 2011,
India's Central Bureau of Investigation (CBI) started an investigation regarding
JSW Steel's illegal
iron ore procurement and the Central Empowered Committee (CEC) appointed by the court submitted its report in April.
While JSW reiterated that the company is willing to cooperate with the authorities, JSW shares fell eight percent amid news of the investigation.