81 Tests, 2019 Articles
and counting ...

SC Jolts, Cancels All Coal Blocks Since 1993

PUBLISHED BY: SURENDER KUMAR
SEPTEMBER 24, 2014

   
  submit to reddit   Delicious   Digg   LinkedIn  

SC Jolts, Cancels All Coal Blocks Since 1993

 

The Supreme Court has quashed 214 out of 218 coal block allocations made to various companies since 1993. These coal blocks, it is claimed, involved an investment of Re. 2 lakh crores. A bench, headed by Chief Justice R M Lodha, passed the order, which saved only four blocks – given to NTPC, SAIL and Ultra Mega Power Projects.

The order gave 6 months to the companies to shut their operations. The bench also directed the companies, which were allocated coal blocks but had not operationalized them, to pay a compensation for the loss to the exchequer. It accepted the CAG findings, which put the loss at Rs 295 per tonne for non-operation of the mines.

During the hearing, the then UPA government had opposed the cancellation saying that around Rs 2 lakh crore had been invested by the companies after allotment. In August this year, the court had declared all coal block allocations since 1993 illegal and arbitrary.



ARCHIVES -- CURRENT AFFAIRS

Tell Us About gkmine.com

We Listen ...


Fortnightly Contest


... WIN Exciting Prizes ...

item-pointer Coming Soon ...

... Previous Winners ...