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Time of India
a day ago
- Business
- Time of India
Tata Steel to challenge state's Rs 1,920cr demand notice for mineral dispatch ‘shortfall'
Bhubaneswar: 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.
The Print
2 days ago
- Business
- The Print
Tata Steel receives Rs 1,902 cr demand notice over ‘shortfall' in mineral dispatch from Odisha block
'The company has received a Demand Letter issued by the Office of Deputy Director of Mines, Jajpur, in connection with revised assessment of shortfall in dispatch of minerals from the company's Sukinda Chromite Block, for the fourth year in terms of Mine Development and Production Agreement (i.e., July 23, 2023 through July 22, 2024),' Tata Steel said. In a filing, the steel maker said it will pursue suitable legal remedies before the appropriate judicial or quasi-judicial forums. New Delhi, Jul 4 (PTI) Tata Steel on Friday said it has received a demand notice of Rs 1,902 crore from Deputy Director of Mines in Jajpur for alleged shortfall in dispatch of minerals from its Sukinda Chromite Block in Odisha. The notice received on July 3 alleges violation of Rule 12A of the Minerals (Other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016, and consequent appropriation of performance security, the company said. 'The alleged shortfall in mineral dispatch by the company as per the aforementioned Mine Development and Production Agreement for Sukinda Chromite Block has resulted in an aggregate demand of Rs 19,02,72,53,760 including sale value of shortfall quantity and appropriation of performance security,' it said. As per the notice, the revision in assessment is based on declaration of average sale price notified by the Indian Bureau of Mines. The management believes that the 'state's demands lack justification and substantive basis and the Company will pursue suitable legal remedies before the appropriate judicial or quasi-judicial forum(s),' it said. PTI ABI TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
2 days ago
- Business
- Time of India
Tata Steel gets Rs 1,902 crore demand notice over alleged mineral dispatch shortfall
Tata Steel received a demand notice from the Deputy Director of Mines, Jajpur, Odisha, seeking Rs 1,902.72 crore over an alleged shortfall in mineral dispatch from its Sukinda Chromite Block during the fourth year of its mining agreement, the company said in an exchange filing. The demand, issued on July 3, stems from a revised assessment based on the average sale price declared by the Indian Bureau of Mines. Authorities have invoked Rule 12A of the Minerals (Other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016, and have moved to appropriate the company's performance security. The shortfall reportedly occurred during the period from July 23, 2023, to July 22, 2024, under the Mine Development and Production Agreement (MDPA) signed for the Sukinda block. Tata Steel has contested the claim, stating that the demand lacks 'justification and substantive basis,' and said it will explore legal remedies before the appropriate forums.
