BJP’s Minister G Kishan Reddy made some comments in New Delhi on Wednesday about the functioning of the Singareni Collieries Company Limited (SCCL). The union minister claimed that the financial condition of SCCL was not stable. He asserted that the BRS Chief K Chgandrasekhar Rao has pushed SCCL into deep debts of Rs 10,000 crore. Giving a befitting reply to his allegations, the SCCL management listed out its accounts, stating that anyone who had doubts over its fiscal strength could approach the company to examine the accounts directly.
Kishan Reddy claimed that SCCL owed Rs 10,000 crore in debt, but the company has made it clear that its investments, in the form of bonds and deposits, are currently worth Rs 11,665 crore, and it is earning interest on those investments in the amount of Rs 750 crore.
It also stated that SCCL's overall financial banking revenue was Rs 27,000 crore.
Additionally, it stated that the company's revenue for the 2022–23 fiscal year increased by 273% to Rs 32,830 crore. Profits increased by 500%, from Rs. 459 billion to Rs. 2,300 billion..
In its statement, it clarified all the allegations made by Kishan Reddy, proving Kishan Reddy made false claims to manipulate people's mindsets.
