TIOLCorplaws- Tiol Corplaws

National Biodiversity Authority releases Rs 18.3 Lakh to Committees in UP and Sikkim (See 'Corp Brief')

IBC - Section 16(2) of IBC clearly requires the IRP to be appointed as suggested by Financial Creditor or Corporate Debtor & such provision does not allow any deviation: HC (See 'Legal Desk')

Kurian calls for active registration under NFDP (See 'Corp Brief')

PMLA - Provisions of PMLA over other statutes related to property encumbrances; attachment of property is tenable where it is acquired through proceeds of crime: SAFEMA TRIBUNAL (See 'Legal Desk')

DPIIT, Primus Partners Pvt. Ltd. ink MoU to bolster startup ecosystem (See 'Corp Brief')

PBPT Act - a land sale is indeed a benami transaction, where payment is made by beneficial owner for future benefit of her family, while land is registered in name of somebody else: SAFEMA Tribunal (See 'Legal Desk')

DPIIT, Kotak Mahindra Bank ink MoU to enhance financial & non-financial support for startups (See 'Corp Brief')

IBC/RTI - CPIO not required to generate, interpret, or explain records; appeal against FAA's order is not tenable where all relevant information is provided: IBBI (See 'Legal Desk')

Centre plans inspection drives and field verification to ensure compliance (See 'Corp Brief')

India continues to rank 3rd in Annual Forest Gain (See 'Corp Brief')

RERA - Promoters are mandatorily required to comply with statutory condition of pre-deposit u/s 43(5) of Real Estate (Regulation and Development) Act, 2016 before appeal can be entertained: HC (See 'Legal Desk')

Government intervention and Corporate governance (See CORP EINSICHT)

Prof Sood launched 'AI Playbooks for Agriculture and SMEs' (See 'Corp Brief')

SARFAESI - Once scheme of arrangement is sanctioned in particular manner and is acted upon, it is no longer permissible for secured creditor to resile therefrom unilaterally: HC (See 'Legal Desk')

CCI nod to Setu AIF Trust to acquire stakes in Edelweiss Asset & Edelweiss Trusteeship (See 'Corp Brief')

IPR - Mere adoption of product-by-process format would not result in novel product being downgraded to Section 48(b) of Patent Act: HC (See 'Legal Desk')

CSIR hosts Capacity Building Workshop for Dissemination of Indian Knowledge System (See 'Corp Brief')

Competition Act - issues pertaining to unauthorized business operations, public health & regulatory violations, not demonstrating any anti-competitive agreement or concerted action u/s 3 of the Act, cannot be looked into by CCI: CCI (See 'Legal Desk')

12 lakh Railway Employees working Day and Night during Festive Season: Vaishnaw (See 'Corp Brief')

A&C - Restrictions contained in Code of Civil Procedure apply even in cases relating to enforcement of foreign arbitral awards: HC (See 'Legal Desk')

Ministry of Mines introduces Timelines to Fast-track Operationalisation of Auctioned Blocks (See 'Corp Brief')

RTI/IBC - Mechanism of the RTI Act cannot be commandeered for grievance redressal, policy suggestions, or compelling interpretations of prior responses: IBBI (See 'Legal Desk')

Supreme Court Restores JSW's Resolution Plan in Bhushan Power Case: A Pragmatic Turn in IBC Jurisprudence (See CORP EINSICHT )

BSNL turns profitable after 18 Years: Scindia (See 'Corp Brief')

IBC - Withdrawal of CIRP cannot be permitted merely on the basis of a unilateral settlement with one minor creditor, particularly when other bigger Financial Creditors oppose it: NCLT (See 'Legal Desk')

Chouhan to meet Ministers of 11 Ministries for 'Pradhan Mantri Dhan-Dhaanya Krishi Yojana' (See 'Corp Brief')

SEBI - PayTM founder held guilty of circumventing SEBI regulations to unlawfully grant ESOPs to self and brother by mis-representing promoter status and control - contravened disclosure & eligibility norms of SEBI - barred from accepting ESOPs for three-year period: SEBI (See 'Legal Desk')

NITI Aayog's Women Entrepreneurship Platform and DP World launch 'We Rise' initiative (See 'Corp Brief')

A&C - Mere pendency of formal signature by one party, when other party has signed agreement after reading its terms including arbitration clause, does not prevent parties from being referred to arbitration: HC (See 'Legal Desk')

MoS unveils Curtain Raiser for 4-day India International Science Festival (See 'Corp Brief')

PMLA - Secured creditor such as finance company not left without remedy, where properties acquired even prior to scheduled offence period are attached as value equivalent: SAFEMA Tribunal (See 'Legal Desk')

Print

9 Mines successfully auctioned in 10th Round

Published: Nov 28, 2024

By TIOLCorplaws News Service

NEW DELHI, NOV 28, 2024: THE Ministry of Coal launched the 10th round of coal mine auctions for commercial mining on June 21, 2024. In the forward auctions, a total of nine coal mines were successfully auctioned, comprising three fully explored mines and six partially explored coal mines. These nine mines hold a combined geological reserve of approximately 3,998.73 million tonnes. The cumulative Peak Rated Capacity (PRC) of these mines stands at 14.10 MTPA, excluding partially explored coal mines.

The mine-wise result for auctions held is as under:

S. No.	Name of the Mine	State	PRC (mtpa)	Geological Reserves (MT)	Closing Bid Submitted by	Reserve Price (%)	Final Offer (%)	Coking/Non-Coking
1	Bundu	Jharkhand	1.00	102.268	S M Steels and Powver Limited	4.00	16.75	Non-Coking
2	Gare Palma IV/5	Chhattisgarh	1.10	77.990	Sarda Energy and Minerals Limited	4.00	25.75	Non-Coking
3	Kerendari-BC North	Jharkhand	NA	600.000	Orissa Alloy Steel Private Limited	4.00	23.25	Non-Coking
4	Marwatola South	Madhya Pradesh	NA	126.300	Mineware Advisors Private Limited	4.00	22.25	Non-Coking
5	New Patrapara South	Odisha	12.00	720.870	NLC India Limited	4.00	5.50	Non-Coking
6	Sarai East (South)	Madhya Pradesh	NA	128.600	ACC Limited	4.00	5.50	Non-Coking
7	Ulia Gamhardih	Chhattisgarh	NA	587.700	S M Steels and Powver Limited	4.00	42.50	Non-Coking
8	Gawa (East)	Jharkhand	NA	55.000	Shreeji Nuravi Coal Mining and Trading Private Limited	4.00	7.00	Non-Coking
9	Bartap(Revised)	Odisha	NA	1,600.000	JSW Energy Utkal Limited	4.00	8.50	Non-Coking

The auctions witnessed intense competition, achieving an average revenue share of 17.44%. This reflects the sustained interest of industries in the coal sector and the Ministry's efforts to provide a stable and transparent policy framework. These mines are expected to generate an annual revenue of ~Rs.1,446 crore (excluding partially explored mines), likely to attract a capital investment of around Rs.2,115 crore, and create 19,063 employment opportunities.

Since the inception of commercial coal mining in 2020, a total of 113 coal mines have been auctioned successfully, with a production capacity of 257.60 Million Tonnes per year. Upon operationalization, these mines will immensely contribute to enhance domestic coal production and in making country self-reliant in coal sector. Collectively, these mines are expected to generate annual revenue of Rs 35,437 crores, capital investment of Rs 38,641 Crores and provide employment for 3,48,268 people in coal-bearing regions.

These strategic initiatives of the Ministry of Coal reaffirm the Ministry's dedication to transforming the coal sector into a key driver of economic growth. These initiatives not only address the nation's energy demands but also foster economic stability and create employment opportunities, contributing to the vision of an 'Atmanirbhar Bharat.

TIOL CORP SEARCH

TIOL GROUP WEBSITES