Companies & Sectors
Tata Steel to contest Rs6,000 crore fine imposed by Odisha government

“We are confident of resolving the issue with the government amicably,” Tata Steel

 
New Delhi: Tata Steel said it will contest the Rs6,000 crore fine imposed on the company by Odisha government over alleged violation of mining norms in the state, reports PTI.
 
The company, which has captive iron ore and manganese mines and dolomite quarries in Odisha, was slapped a fine of about Rs6,000 crore last week by the state government on the charges of “illegal and excess mining” at its iron ore mines.
 
Acknowledging the receipt of notices, the company said in an e-mailed statement that “we are contesting both the number and the cause.”
 
“We are confident of resolving the issue with the government amicably,” it further said and added that “we reiterate our contention that we have always undertaken mining in Odisha and also in other states where we operate with strict conformity with the existing laws.”
 
Noting that recently the mines ministry had brought out a notification defining irregularity in mining operations and illegal mining, the company also said that “this distinction is an important aspect of the whole issue of the demand put forth by the state government.”
 
The Odisha government had said that it has imposed whopping Rs67,900 crore penalty on 103 mines so far for excess production of iron ore.
 
“We have imposed penalty on major mining companies. So far 103 mines have been asked to pay fine totalling Rs67,900 crore for indulging in excess production of ore,” Odisha's Steel and Mines Minister RK Singh had said in Bhubaneswar yesterday.
 
Odisha accounts for a third of country’s iron ore production. Of late, it has also witnessed several controversies on illegal mining and currently a Centre-appointed Justice MB Shah Commission is probing the cases of illegal mining in the state.
 

User

New Alto 800 reviewed

Is the latest car from the Maruti-Suzuki stable worth it?

The ‘new’ Maruti Alto 800 has...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Five firms to bid for telecom spectrum on 12 November 2012

The government is conducting auction of spectrum in 1800 Mhz band following cancellation of 122 telecom licences by the Supreme Court in February in the 2G scam case

 
New Delhi: Bharti Airtel, Idea, Vodafone, Videocon and Telenor-promoted Telewings are the five companies that will compete for the GSM spectrum in 1800 Mhz band in the auction slated to begin on 12 November 2012, reports PTI quoting the Department of Telecom.
 
The government is conducting auction of spectrum in 1800 Mhz band following cancellation of 122 telecom licences by the Supreme Court in February in the 2G (second generation) spectrum allocation scam case.
 
The government aims to garner a total Rs40,000 crore from the auction of spectrum and levy of other charges on the airwaves. The receipts are important for the government, which is faced with huge task of managing the widening fiscal deficit.
 
However, in a blow to the government’s plans of revenue earnings, Tata Teleservices and Videocon has dropped out from the auction of for CDMA spectrum, leaving no bidder in fray for the 800 Mhz band.
 
As per the list of final bidders released by the DoT, Aditya Birla-promoted Idea Cellular has maximum eligibility points (1,594), which enable it to bid for airwaves in the highest number of telecom circles.
 
Eligibility points have been decided according to the earnest money deposited with DoT by players.
 
Idea is followed by Telewings Communications promoted by Telenor (1,332 eligibility points), Videocon (788) and Vodafone (276).
 
Bharti Airtel deposited the least earnest money, which indicates that the telecom major will bid in selected circles.
 
The auction which will start on 12 November 2012 has to be completed by 11 January 2012. The Supreme Court has asked the government to complete the auction process by 11 January 2012. 
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)