26 MARCH 2015AlCircle.com
Balco moves to High Court to contest against cancellation and reallocation of coal block
Edited by : AL CIRCLE
1 min read
Bharat Aluminium Company (Balco) has moved to High Court to contest against the government’s decision to cancel the company’s bid for Gare Palma IV/1 and allot it to the state-owned Coal India Limited (CIL).
Balco was the highest bidder for the Chhattisgarh coal block with INR 1585 a tonne but it was much lower than the winning bids for similar coal blocks causing the government to reject the bid. The same thing happened with Jindal Power whose three coal blocks were cancelled and allocated to CIL.
JPL had moved to court on 23rd March and managed to get a stay order issued against reallocation of the three coal mines the company bid for.
High court questioned the Ministry how they could allot a mine to CIL when it has already been reserved by a company through the process of auction.
Senior advocates Rajiv Nayar will plea Balco’s case before a bench of justices including B D Ahmed and Sanjeev Sachdeva in a hearing scheduled today, 26th March, Thursday.
Balco was the highest bidder for the Chhattisgarh coal block with INR 1585 a tonne but it was much lower than the winning bids for similar coal blocks causing the government to reject the bid. The same thing happened with Jindal Power whose three coal blocks were cancelled and allocated to CIL.
JPL had moved to court on 23rd March and managed to get a stay order issued against reallocation of the three coal mines the company bid for.
High court questioned the Ministry how they could allot a mine to CIL when it has already been reserved by a company through the process of auction.
Senior advocates Rajiv Nayar will plea Balco’s case before a bench of justices including B D Ahmed and Sanjeev Sachdeva in a hearing scheduled today, 26th March, Thursday.
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