Ultratech Cement says HC has quashed cancellation of a mine

Ultratech Cement today said the Rajasthan High Court has "quashed and set aside" a state government order relating to cancellation of a limestone mine owned by a subsidiary of the company
"The Rajasthan High Court has by its order dated March 25, 2015 quashed and set aside the order relating to cancellation of the mine and all consequential actions of the Government of Rajasthan and has directed to hand over the possession of mining lease to Gotan Limestone Khanij Udyog Private Limited forthwith, the company said in a filing to the BSE.
The court verdict will enable Gotan Limestone Khanij Udyogto, a wholly owned subsidiary of Ultratech Cement, take possession and operate the mines, Ultratech said.

The company had received an order from the Mines Department of the state government in December last year about cancellation of "transfer and mining lease of the limestone mines in the name of ...GKUPL" alleging alleging procedural irregularities.
In August, the Rajasthan Anti-Corruption Bureau also had filed an FIR against the Mines Department, former shareholders of Gotan Limestone Khanij Udyog and directors of UltraTech Cement for alleged illegal transfer of a limestone mine in Gotan area in Nagaur district in 2012.
The Aditya Birla Group firm challenged the order in the Rajasthan High Court which ordered the state government to hand over the possession of mining lease to Gotan Limestone Khanij Udyog.

Shares of Ultratech Cement today jumped by about 1.08 per cent to close at Rs 2,798 per scrip on the BSE.