Greenpeace has complained to the Securities and Exchange Board of India, BSE and NSE about alleged inadequate disclosure on the developments in the Alpha coal mine project located in Australia.
The complaints were mailed (on June 5) separately and written statements couriered, Ms Arundhati Muthu, Greenpeace Campaigner, told Business Line over phone.
“Our concerns are about incomplete information filed by the Hyderabad-based GVK Group and its alleged failure to disclose significant events to the exchanges.”
Ms Muthu said, “GVK enjoyed a 5 per cent increase in their share valuation in the week of the Coordinator-General's report. Several other significant developments could impact the project. We are calling on GVK to inform about these developments because they carry material concern to investors.”
The impact of such projects has been extensively highlighted in a UNESCO report on the Great Barrier Reef. The clearance for the Abbott Point port project is also very crucial, she said.
GVK RESPONSE
Responding to the Greenpeace allegations, a GVK spokesperson told Business Line that the Alpha Coal mine and rail project with an investment of $10 billion received environment approval on May 29 from the Queensland Government. The Federal Government is to give its approval within 30 days as per agreement with the Federal and State Governments in Australia.
The environmental clearance was intimated to the exchanges and thereafter there has been no change in the status of the approval and therefore there is no update.
The Federal Environment Minister, Mr Tony Burke, had reportedly stated, “he would stop the clock in relation to process of clearance between the two governments.”
He stated that Greenpeace needs to verify facts and avoid dissemination of inaccurate and misleading information.
Responding to an advertisement released by Greenpeace in Australia, Mr Burke said, “I am opposed to the advertisement. My view is you want industry to be able to continue in a way that is sustainable.”