Tata Steel to challenge state's Rs 1,920cr demand notice for mineral dispatch ‘shortfall'
Tata Steel
Limited has announced it would challenge the demand notice amounting to Rs 1,920 crore issued by the deputy director of mines for an alleged shortfall in mineral dispatch from the company's Sukinda chromite block in Jajpur district.
The company, in a formal disclosure to the stock exchange, disagreed with the demand, citing a lack of justification and substantive basis for the claims. The demand notice, received on July 3, is linked to a revised assessment of mineral dispatch shortfalls for the fourth year, as per the mine development and production agreement.
In the disclosure, the company said the alleged violation falls under Rule 12A of the Minerals (Other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016, which also led to the appropriation of performance security.
Covering the period from July 23, 2023, to July 22, 2024, the notice claims the revision in the assessment is based on the average sale price declared by the Indian Bureau of Mines. The alleged shortfall in mineral dispatch resulted in a cumulative demand of Rs 1,920,72,53,760, which includes the shortfall quantity and appropriation of performance security.
Tata Steel stated its intention to pursue suitable legal remedies. "The management believes that the state's demand lacks justification and substantive basis and accordingly the company will pursue suitable legal remedies before the appropriate judicial or quasi-judicial forums," it said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
33 minutes ago
- Time of India
J&K govt, biz seek 5% GST on handicraft items
Omar Abdullah NEW DELHI: Jammu & Kashmir govt has sought lower GST on handloom and handicraft products in a move aimed at making pashmina shawls and silk carpets more affordable for Indian buyers. Currently, handloom and handicrafts items that cost Rs 1,000 or more attract 12% tax, and the proposal is to lower the levy to 5% on all products. Responding to the demand, Union minister Piyush Goyal suggested the businesses should take up the issue with the finance ministry. "We will try to reduce it. We will try to find a way," he said at an industry event. The proposal for pashmina shawls has been with the GST Council for several months and even CM Omar Abdullah had raised it in Jaisalmer in Dec.
Time of India
an hour ago
- Time of India
Amid import fears, govt to review protection for homegrown apples
SRINAGAR: Amid fears of rising imports, commerce and industry minister on Sunday said govt will review protection for homegrown apples, while underlining the need to strike a balance between the interests of growers and the needs of consumers. Tired of too many ads? go ad free now The minister's comment at a meeting with trade and industry here came amid demands from the US to lower tariffs on apples and other farm goods as part of the early tranche of a bilateral trade deal. India has expressed its reluctance to lower import duty on agricultural products while controlling the entry of genetically modified maize and soybean. Goyal said govt has prescribed a minimum import price of Rs 50 a kg and there is also a 25% import duty, translating into a protection of around Rs 75 a kg and a selling price of at least Rs 125-150 a kg. With domestic prices linked to the cost of imported goods, Goyal argued that a sharp increase in protection will raise retail prices further, making them unattractive to consumers and hurting overall demand. "To give the taste of Kashmir apples to the country, price has to be affordable. We need to balance between the interests of producers and consumers. We will see if MIP and other protection can be increased," he said. With production not keeping pace with growing demand, India imports 4.5-5 lakh tonne of apple, with Turkiye being among the largest sources. The US is seeking to topple Turkiye by seeking preferential duty access. Goyal told local businessmen govt was making efforts to step up exports of Indian goods through free trade agreements. While asserting that the Modi govt kept the country's interests paramount, he also said trade liberalisation cannot be a one-way street and as part of trade deals, both countries needed to open markets. Tired of too many ads? go ad free now He said the new rail link from Kashmir will help move goods faster to the rest of the country and assured businesses that development work will be pushed by the Centre. Noting that the Pahalgam terror attack was meant to hurt tourism and the economy in Kashmir, the minister said that business is returning to normal and tourist flow has also increased.
Time of India
an hour ago
- Time of India
K'taka services exports nearly doubles in 6yrs, breach $150bn mark
Bengaluru: Karnataka's services-sector exports — spanning information technology, business process management, fintech, biotech, engineering design and other knowledge-based services — reached $159 billion in 2024-25, a 13.7% increase over the previous year. In 2018-19, Karnataka exported $77.8 billion worth of software and services. After a slight dip to $79.2 billion in 2020-21 due to the pandemic, the sector rebounded to $101.8 billion the following year. Exports grew to $130.3 billion in 2022-23, $139.9 billion in 2023-24, and crossed the $150-billion mark this year — nearly doubling in six years. The state continues to hold the top spot in the country for total services exports (see table), according to data from the Visvesvaraya Trade Promotion Centre (VTPC). While VTPC didn't have a break-up for IT/ITeS immediately, officials said that a majority of the services exports are from the sector. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Karnataka IT/BT secretary Ekroop Caur told TOI: "From FY2015 to FY2024, Karnataka's services sector grew at a CAGR of 8.3%, outperforming the national average of 6.3%. The 13.7% rise last year isn't a one-off — Bengaluru alone accounts for nearly 40% of India's IT/ITeS exports." Pointing out that over 40% of India's 1,750+ GCCs are in Bengaluru, employing more than 8 lakh professionals, she said these centres are evolving into global R&D and innovation engines. "Beyond IT/ITeS, we're also seeing contributions from fintech, biotech, product development and chip design. Skilling initiatives like Nipuna Karnataka are helping align our workforce with modern industry needs, particularly in AI, machine learning, cybersecurity and blockchain," she added. TV Mohandas Pai, chairman of Aarin Capital, reiterating that Bengaluru remains the heart of Karnataka's services story, said 28 lakh people work here, across 65,000 companies and 20,000 startups. "Each year, 100-200 new tech startups are born. Bengaluru has one of the world's largest concentrations of tech. But our biggest failure is infrastructure. There is no significant investment happening in the city or in smaller towns. Governments make big announcements — Rs 1 lakh crore, for instance — but the actual allocations are meagre," he added. FKCCI president Balakrishna MG said the growth is driven by government efforts like the Karnataka Digital Economy Mission and the Beyond Bengaluru strategy. "Our reputation, global links, and steady FDI inflows have positioned us well. But to sustain this, we need more IT parks in Tier-II cities, fewer regulatory hurdles for smaller firms, and large-scale upskilling to meet demand in AI, Web3, and cloud-based technologies. Karnataka must reposition itself globally not just as an IT hub, but as a centre for broader knowledge and innovation services," Balakrishna said. PV Rai, managing director, Pixel Softek, cautioned against attributing the growth solely to government action. "It's the industry and the manpower, and the spurt in global capability centres (GCCs), that have propelled this. But the city's infrastructure is a serious concern. We lack proper roads, a clear masterplan, and IT-ready layouts. Without long-term, planned solutions, we risk losing momentum," he said. ------ For Graphic: Year Wise Service Exports From K'taka: Year Exports in Billion USD 2018-2019 77.8 2019-2020 83.8 2020-2021 79.2 2021-2022 101.8 2022-2023 130.3 2023-2024 139.9 2024-2025 159.1 Service Exports: Top 6 States & All India for 2024-2025: State Exports in in Billion USD Karnataka 159.1 Maharashtra 62.1 Tamil Nadu 48.4 Uttar Pradesh 18.9 Andhra Pradesh 4.2 Gujarat 3.8 All India 387.8 Source: Visvesvaraya Trade Promotion Centre
