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Cancelled coal block: Balco moves to HC, hearing Today

After Jindal Steel and Power , it was Balco's turn to move the Delhi High Court against its cancelled bid for the Gare Palma IV/1 block. The government had cancelled Balco's successful bid on Saturday and allotted the block to Coal India. Balco was successful in bidding for Gare Palma IV/1. But just like JSPL, the government also cancelled their successful bid. The government did not just stop there but went a step further and allotted Gare Palma IV/1 in Chhattisgarh to Coal India. Balco moved its petition Wednesday arguing that this decision of the government appears to be arbitrary and they also appeared to have borrowed an argument from JSPL putting forth before the Delhi High Court that no reasoning, no rationale has been offered by the government. The Delhi High Court has agreed to hear Balco’s petition and has clubbed the matter with the JSPL case and is scheduled to be taken up today.

source: http://www.moneycontrol.com