Coal Minister cancels 4 mines, Monnet to deposit Rs 62 cr BG
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"It
has been decided to deallocate Gourangdih ABC coal block in the state
of West Bengal from Himachal EMTA Power Ltd and JSW Steel Ltd. n
addition it has been decided to forfeit 50 percent of Bank Guarantee
related to the development of coal block as per the recommendation of
IMG (Inter-Ministerial Group)...The Bank Guarantee to the extent of Rs
6.67 crore be deducted," the Coal Ministry said in a letter dated 23rd November.
With regard to New Patrapara coal block, the Coal Ministry said in a letter dated 23rd November, "It has been decided to deallocate New Patrapara coal block in Orissa."
The mine was jointly allocated to eight firms, including Bhushan Steel & Strips and Adhunik Metaliks.
"In addition, it is further decided to return the full bank guarantee amount without any deduction," the letter said.
The
Coal Ministry in another letter to Monnet Ispat said that "the Bank
Guarantee as calculated by Coal Controller's to the extent of Rs 62.832
crore equal to three years royalty is to be deposited by the allocatee
company within the period of one month from the date of letter failing
which the block may be deallocated."
In
case of Domco Smokeless Fuels, the ministry said in a letter to the
company that "it has been decided to deallocate the Lalgarh (North) coal
block in the state of Jharkhand allocated to Domco Smokeless Fuel(P)
Ltd, Ranchi."
With
regard to North Dhadu coal block jointly allocated to four firms,
including Adhunik Alloys & Power and Electrosteel Castings, the
ministry said, "It has been decided to deallocate the North Dhadu coal
block...In addition, it is further recommended by IMG the Bank Guarantee
is complete is also forfeited (Rs 56.03 crore).
A total of 58 mines were issued show-cause notices for their failure to develop blocks within stipulated timeline.
The government had formed the IMG in July to review progress of coal blocks allocated to firms for captive use.
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