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India.com
07-07-2025
- Business
- India.com
Bad news for Ratan Tata's company, gets Rs 19020000000 demand notice over ‘shortfall' in…, from…
Tata Steel on Friday announced that it has received a demand notice of Rs 1,902 crore from the Deputy Director of Mines in Jajpur, Odisha, over an alleged shortfall in mineral dispatch from its Sukinda Chromite Block. In a filing, the steel maker said it will pursue suitable legal remedies before the appropriate judicial or quasi-judicial forums. '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. Tata Steel Receives Rs 1,902 cr Demand Notice 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. 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. Tata Steel Stock Performance Tata Steel's share closed nearly 2% lower at Rs 163 during Friday's trading session. The stock opened at Rs 166 but later declined, touching a low of Rs 162.05. During intraday trading, it also hit a high of Rs 166.40. The stock's 52-week high stands at Rs 178.15, while the 52-week low is Rs 122.60. With this, the company's market capitalisation has risen to Rs 2,03,480 crore. (With Inputs From PTI)
The Print
04-07-2025
- 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
04-07-2025
- Business
- Time of India
Mining penalty: Tata Steel gets Rs 1,902 crore demand notice from Odisha; firm to challenge revised mineral shortfall claim
Tata Steel has received a demand notice of Rs 1,902 crore from the Deputy Director of Mines, Jajpur, for an alleged shortfall in mineral dispatch from its Sukinda Chromite Block in Odisha. Tired of too many ads? go ad free now The company disclosed the development in a stock exchange filing on Friday and said it would pursue legal remedies. The demand, issued on July 3, relates to a revised assessment for the fourth year of operations under the Mine Development and Production Agreement (MDPA), covering the period from July 23, 2023, to July 22, 2024, PTI reported. According to the filing, "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." The notice alleges a violation of Rule 12A of the Minerals (Other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016, and includes a demand totalling Rs 1,902.72 crore, which factors in the sale value of the alleged shortfall quantity and the appropriation of performance security. Tata Steel stated that the assessment is based on the average sale price declared by the Indian Bureau of Mines. However, it maintained that the state's claims are not supported by facts. '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),' the company said.
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Business Standard
04-07-2025
- Business
- Business Standard
Tata Steel gets ₹1,902 crore demand over Sukinda Mine dispatch shortfall
Tata Steel Limited on Thursday received a demand letter issued by the Office of Deputy Director of Mines, Jajpur, related to a revised assessment of a shortfall in the dispatch of minerals from the company's Sukinda Chromite Block for the fourth year of the Mine Development and Production Agreement period (from 23 July 2023 to 22 July 2024), the company said in a BSE filing. The demand has been raised for an alleged breach of Rule 12A of the Minerals (Other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016, and the consequent appropriation of performance security. The revised assessment is based on the declaration of average sale price as notified by the Indian Bureau of Mines. Details of the demand The authorities claim that there has been a shortfall in mineral dispatch from the Sukinda Chromite Block as per the Mine Development and Production Agreement. As a result, an aggregate demand has been raised for ₹1902,72,53,760/- including sale value of shortfall quantity and appropriation of performance security. The management is of the view that the state's claims are neither justified nor well-founded. Therefore, the company intends to seek appropriate legal recourse through the relevant judicial or quasi-judicial authorities, the company added. "This disclosure is being made by the Company in line with Regulations 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015," it added.
