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Goa royalty penalty due to varying interpretation: Vedanta

Press Trust of India  |  Panaji 

A day after receiving nearly Rs 100 crore recovery notice from the Goa government for royalty non-payment, Vedanta's Sesa Goa Iron Ore division today clarified that the matter relates to the reconciliation of royalty due to the varying interpretation of the iron ore value and not to illegal mining.

The Goa's directorate of mines and geology (DMG) yesterday had issued a Rs 97.48-crore demand notice to Vedanta towards non-payment of royalty for FY11 to FY13.

The company is alleged to have illegally exported iron ore to the tune of 20,76,746 tonne during this period.

"The demand notice issued by the director of mines and geology relates to reconciliation of royalty on iron ore which arises on account of varying interpretation of the directorate and ourselves," the company said in a statement today.

The notice issued by the DMG, Prasanna Acharya, directed 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.

"We have always been compliant with all applicable rules and regulations during the course of our business activities. We are studying the order and shall decide on the future course of action," the company said.

"We again reiterate that the said demand notice does not in any way concern itself with any form of illegal mining as the aforementioned reports may be perceived and interpreted," it added and termed the reports as as "erroneous and misleading".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 29 2018. 17:15 IST
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