Coal news and updates

Evaluating committee meets 21 prior allottees

December 9: The committee for valuation and assessment of running coal mines, under the chairmanship of former Chief Vigilance Commissioner (CVC) Pratyush Sinha, met representatives of prior allottees of 21 coal blocks on December 9 to assess the information furnished by them related to investments made on development of coal blocks, an official said.

Representatives from the 19 companies presented the required information on the assets/liabilities of their companies before the valuation committee, the official added.

The Ministry of Coal, vide letter dated November 28, 2014 had directed the prior allottees of coal blocks figuring in Schedule-II (operational blocks) of the Coal Mines (special provisions) Ordinance 2014 to furnish the required information and documents by December 4, 2014.

The representatives from all the 19 companies who together were allotted 21 coal blocks were present at today’s meeting.

Among those who attended the meet were representatives from JSPL (2 blocks), Monnet Ispat, HINDALCO Industries, Electrosteel Castings Ltd, BLA Industries (2 blocks), Jaiprakash Associates, Prakash Industries, Prism Cement and Usha Martin Ltd.

As per Section 8(1) of the Ordinance, prior allottees of the coal mines were mandated to furnish information as required for auction, while Section 24 of the Ordinance provided that any person failing to provide information on time would be punishable with a fine of Rs 1 lakh and in the case of continued failure, there will be a maximum fine of Rs 2 lakh for every day during the period the company fails to provide the information.