In its February 7 order, the apex court quashed the second renewal of 88 iron ore mining leases in Goa in 2015, saying the sole motive of the companies behind the commercial activity was profit maximisation and no social purpose was attached to it.
The top court held as illegal the renewal given to the companies, by holding that the move was against the earlier decisions and orders of the apex court which in 2014 had said that the state government was required to grant fresh mining leases and not to give second renewal.
The court said it was giving time till March 15 to mining lease holders, who have been granted a second renewal in violation of its previous directions, to manage their affairs.
In a letter submitted to the office of Chief Minister Goa, GMOEA said, "The consequence of the abrupt stoppage of mining... (can result in) loss of direct and indirect employment with the industry would be in the range of 60,000 and including the dependents, the figure would be roughly around 1.5 lakh to 2 lakh."
"We request that the genuine concerns of the industry should and ought be addressed at the highest forum to not only overcome the adverse impacts on the economy of the state in particular but also to protect the livelihood of the mining dependents people of the state," the association said in its letter to the CM.
Further, the consequences could be financial liabilities on small families in terms of various loans and borrowings.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
