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The Ministry of Coal has issued a detailed framework to decide the value of assets belonging to companies whose coal blocks were cancelled in 2014, aiming to speed up the long-pending process of paying compensation to the former allottees.
“Out of the 204 coal mines listed in the Schedule-1 of Coal Mines (Special Provisions) Act, 2015, 62 coal mines could not be re-allocated till date and compensation claims from prior allottees of these 62 coal mines are hereby invited as last and final opportunity,” the ministry said in a notification.
This marks one of the final steps in resolving issues that arose after the Supreme Court’s 2014 verdict cancelling 204 coal block allocations.
According to the document, valuations will cover “mine infrastructure excluding land and leasehold rights” for each coal block. This framework applies to 62 coal mines across seven states, including Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Telangana, and West Bengal.
Prominent prior allottees listed include Ultratech Ltd., Adani Power Ltd., Jindal Steel & Power Ltd., Dalmia Cement (Bharat) Ltd., Gujarat Mineral Development Corporation, and Rashtriya Ispat Nigam Ltd., among others.
Under the new system, companies must submit detailed year-wise data from FY2013–14 to FY2016–17, including asset values, depreciation, revaluations, and liabilities within 15 days of the release of the notification.
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