Kumar to challenge Jindal Drilling' Board's move to sack him

"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 shall get justice," Jindal Drilling & Industries Ltd (JDIL) Naresh Kumar, who was also one of the key promoters, said in a statement.

In a statement, the company had said yesterday that its board has lost confidence in Kumar and removed him from the position with immediate effect.

"The board has also withdrawn forthwith, all powers and authorities granted to him or being exercised by him in such capacity," the company had said in a statement.
Jindal Drilling & Industries, is a part of D P Jindal Group, with revenues exceeding USD 750 million, employing more than 3,000 people.

When asked whether there was any tension between Kumar and the other Board members sources declined to divulge much details but hinted that the demerger proposal of the company approved by the board in May this year, could be one of the reasons behind the Board's move.

Jindal Drilling has five oil rigs and all are leased to state-owned ONGC.A message posted by Kumar on the company's website read: "We, as a professional organisation, strongly value relationships. We believe in building and maintaining long-lasting relationships with our associates and customers."

Under Kumar's leadership, as company's MD since 1991, Jindal Drilling & Industries has achieved a phenomenal growth registering a turnover of Rs 1,195 crore and profit after tax of Rs 84 crore in FY 2009-10, from just Rs 36 crore turnover and Rs 1.3 crore PAT in 1990-91