Coal news and updates

Coal scam: Govt moves SC; seeks Rs 5K cr from 12 cos

The government moved the Supreme Court on Monday, seeking payment of Rs 5,000 crore as dues from 12 companies named in the coal case. The apex court has now issued a notice to the defaulters in this regard, asking them to pay the dues by September 7 and giving, in a way, the last window for compliance. SC says by paying the penalties levied, the companies can exempt themselves from personal appearance. Defaulting miners have so far not responded to government communication. Almost a year back as its verdict in the coalgate scam, the apex court had decided to de-allocate all but four coal blocks that were given away to public as well as private companies between 1993 and 2012 and had imposed a fine of Rs 295 per tonne of coal mined over the period.

source: http://www.moneycontrol.com