Ministry of Coal (MOC) has de-allocated Bikram Coal Block allocated to Birla Corporation on the grounds that the coal block has not been developed as per the milestones prescribed in the allocation letter. The Company is in the process of taking appropriate legal recourse against the de-allocation of coal block and deduction of Bank Guarantee.
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. Such facts have not been recognized by Inter Ministerial Group (IMG) constituted by the government to review the progress of development of allocated Coal Blocks in arriving at the decision to de-allocate the coal block.
Order regarding deduction of 50% of Bank Guarantee, which is 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. Birla Corporation operates four division cement, jute, vinoleum and auto trim. It has eight manufacturing facilities located in Pune, Rajasthan, West Bengal, Gurgoan, Uttar Pradesh and Madhya Pradesh.
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. Such facts have not been recognized by Inter Ministerial Group (IMG) constituted by the government to review the progress of development of allocated Coal Blocks in arriving at the decision to de-allocate the coal block.
Order regarding deduction of 50% of Bank Guarantee, which is 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. Birla Corporation operates four division cement, jute, vinoleum and auto trim. It has eight manufacturing facilities located in Pune, Rajasthan, West Bengal, Gurgoan, Uttar Pradesh and Madhya Pradesh.
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