Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
2-min read

Vedanta Gets Rs 97.5-crores Penalty for Illegal Mining Royalty

The notice, issued on Tuesday by the DMG, Prasanna Acharya, directs Vedanta to pay the principal royalty amount of Rs 54.48 crore within 14 days and the interest of Rs 43.03 crore

PTI

Updated:August 28, 2018, 11:28 PM IST
facebookTwitterskypewhatsapp
Vedanta Gets Rs 97.5-crores Penalty for Illegal Mining Royalty
File photo of Vedanta office. (Image for representation only)
Loading...

Panaji: In a move to recover the gains made from alleged illegal mining, the Goa's directorate of mines and geology has issued a Rs 97.48-crore demand notice to Vedanta towards non-payment of royalty for the financial years 2011 to 2013.

The company is alleged to have illegally mined iron ore to the tune of 20,76,746 tonne during this period, according to the directorate of mines and geology (DMG).

The notice, issued on Tuesday by the DMG, Prasanna Acharya, directs Vedanta to pay the principal royalty amount of Rs 54.48 crore within 14 days and the interest of Rs 43.03 crore in the next seven days. The total adds up to Rs 97.48 crore.

A query sent to the Vedanta spokeman seeking comments was yet to be responded.

Goa had appointed a team of chartered accountants to go into the details of royalty evasion by various miners after being pointed out by MB Shah committee report, which was submitted to the Supreme Court in 2012, claimed that the state saw illegal mining to the tune of Rs 35,000 crore.

The notice mentions that "mere collection of dues will not absolve the company from any civil or criminal action."

The royalty evasion has been pointed out to total nine iron ore leases of Vedanta in the tiny tourist state.

"The audit report prepared by the chartered accountants was summarised by the mining audit committee, which has made several observations, including payment of royalty by you on dry metric tonne basis instead of the wet metric tonne basis in respect of the above-mentioned leases," the notice, copy of which is with PTI, reads.

"And as such the differential quantity of 20,76,746 on wet metric tonne on conversion of dry metric tonne to wet metric tonne remains without payment of royalty," it adds.

"Therefore, royalty becomes payable for ore extracted and dispatched by you for the financial years 2011 to 2013.

The principal royalty amount to Rs 54,48,03,948 and the interest is Rs 43,00,30,642," the notice mentions.

The DMG had first issued a show cause notice to Vedanta on August 4, 2016 and was subsequently granted personal hearing in the matter.

"The DMG notice further said the state has rejected your contention justifying payment of royalty on dry metric tonne basis. Therefore, you are liable to pay the principal amount of Rs 54,48,03,948, which is the difference of royalty arrived at by the mining audit committee on the quantity of 20,76,746 metric tonne along with interest at 24 per cent which adds up to Rs 43,00,30,642," the notice says.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Padmaja Venkataraman
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 536.85 -2.52
Yes Bank 76.65 -3.52
Reliance 1,292.60 1.14
HDFC Life 524.55 -2.89
Axis Bank 685.00 1.38
Company Price Change %Gain
IndiGrid InvIT 86.50 -1.59
Indiabulls Hsg 536.55 -2.64
Yes Bank 76.70 -3.46
Reliance 1,292.10 1.15
HDFC Life 524.35 -2.95
Top Gainers
Company Price Change %Gain
Sun Pharma 426.00 2.72
Bharti Infratel 255.30 2.45
Tech Mahindra 670.35 1.72
Axis Bank 685.00 1.38
Larsen 1,352.20 1.27
Company Price Change %Gain
Sun Pharma 425.80 2.66
Axis Bank 685.00 1.40
Larsen 1,352.20 1.30
Reliance 1,292.10 1.15
ICICI Bank 423.40 1.01
Top Losers
Company Price Change %Gain
Yes Bank 76.65 -3.52
Grasim 732.35 -2.65
Indiabulls Hsg 536.85 -2.52
Power Grid Corp 207.05 -1.94
GAIL 127.30 -1.81
Company Price Change %Gain
Yes Bank 76.70 -3.46
Power Grid Corp 207.10 -1.96
ONGC 126.25 -1.48
SBI 286.70 -1.46
Coal India 199.05 -1.39

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results