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Birla Corporation Ltd said that the Union Ministry of Coal (MOC) has de-allocated Bikram coal block in Madhya Pradesh, allocated earlier for its captive use.
In a January 7 communication, the Ministry de-allocated the block on the grounds that it had not been developed according to the milestones prescribed in the allocation letter.
The company said it was in the process of taking appropriate legal recourse against the de-allocation of coal block and deduction of bank guarantee.
In a statement to the stock exchanges, the company said: “Though significant progress has been made in the development of the coal block, the delays have been entirely due to delays/lapses in receipt of various clearances and approvals from the Government authorities, which were beyond the control of the company”.
The company has reportedly been awaiting the forest and environment clearances.
Inter Ministerial Group (IMG), constituted by the Union Government, which took the decision, had not recognised these factors, the company said.
The order regarding deduction of 50 per cent of the bank guarantee, which was linked to the milestones set for the development of the block, would be issued separately after receipt of calculation of amount from the office of coal controller.
>jayanta.mallick@thehindu.co.in
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