SUNFLAG IRON and STEEL CO.LTD. - Cancellation of Coal Blocks
| < Back | |
| 08 Oct 2014 | |
| Sunflag Iron and Steel Company Ltd has informed BSE that the Honble Supreme Court of India vide its judgment dated September 24, 2014 has passed an order by which allotment of all coal blocks (during the period from 1993 to 2012) except four (4) Coal blocks stands cancelled.<br/><br/>In terms of this order Belgaon Coal block (operative coal mines) which was allotted to the Company for captive usage stands cancelled, effective March 31, 2015. The Hon'ble Supreme Court has also directed that an additional levy of INR 295/- per metric tonne of coal extracted since commissioning of the mines be paid by all allocates, including the Company by December 31, 2014.<br/><br/>In connection with the above, the Company has received a demand notice dated October 04, 2014, received on October 07, 2014, from the office of the Collector, Chandrapur for depositing of INR 28,06,03,091/- as additional levy (@ INR 295/- per MT) before December 31, 2014 for the period December, 2007 until September 24, 2014, i.e., the date of the Order of the Hon'ble Supreme Court of India. For the period commencing on September 25, 2014 until the effective date of cancellation, the additional levy (@ INR 295/- per MT) will be payable along with the royalties paid by the Company to the Government of India. | |
| View all announcements for SUNFLAG IRON and STEEL CO.LTD. | Source: BSE India |
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback