Sarda Energy pays Rs 122.69-cr additional levy to govt

Sarda Energy and Minerals has deposited Rs 122.69 crore as an additional levy with the Coal Controller, making itself eligible for taking part in the coal block allocation.
"...As directed by the Supreme Court vide its order dates September 4, 2014 and in terms of Coal Mines (Special Provisions (Ordinance, 2014, a sum of Rs 122.69 crore has been deposited as an additional levy with the coal controller," the company said in a BSE filing today.
While quashing allocation of 214 out of 218 coal blocks alloted since 1993, the apex court had in September last year also directed allottees to pay an additional levy of Rs 295 a tonne of coal extracted to compensate financial loss caused to the exchequer by the "illegal and arbitrary" allotments.

"The company has now become eligible to participate in the coal block auction process as payment of additional levy was a precondition for participating in the coal block auction process," the Raipur-based Sarda Energy and Minerals said.
Sarda Energy and Minerals was allotted Gare Palma IV/7 coal mine in April, 2000 and this was in operation since 2009. It also had 20.63 per cent stake in a joint venture that was allocated Madanpur South Coal block.
"The payment has been made without prejudice to company's rights to seek remedy/redressal from appropriate forums," it added.