Gujarat NRE Coke Limited (GNCL) has claimed Rs 4761 crore in a civil suit filed at the Hon. Calcutta High Court against Austral Coke and Projects Limited (Austral), its Directors, Auditors, Merchant Bankers and others associated with Austral Coke’s IPO.

Gujarat NRE Coke Limited has taken serious objection to Austral coke’s use of the Gujarat NRE Coke name in a distorted and misleading way to sell its issue to public investors. Gujarat NRE Coke Ltd has prayed before the Hon High Court that by using its name, Austral Coke has severely damaged the reputation of Gujarat NRE Coke, leading to a loss in its market capitalisation and shareholder interest for which it has sought compensation.

Gujarat NRE Coke Limited has also sought a declaration from the Hon. High Court that there is no family relationship and an injunction restraining the Austral promoters from terming the matter as a family dispute.

Gujarat NRE Coke Limited has also sought a declaration from the Hon. High Court that :

* the Merchant Bankers associated with the Austral issue did not carry out proper due diligence,

* the books of accounts maintained by Austral and audited statements – profit and loss account and Balance sheet are not in accordance with law,

* all the directors of Austral are liable for prosecution for various misstatements made in the Red Herring Prospectus

Gujarat NRE Coke Limited has also sought an injunction restraining Austral Coke or any of its associates from making and publicising any sort of comparison between Gujarat NRE Coke Ltd and Austral Coke

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