NEW DELHI | Sept 19, 2017: Shares of Coal India declined over 2 per cent in Tuesday's trade as Mahanadi Coalfields, an arm, could face a penalty of more than Rs 20,000 crore in the wake of a Supreme Court order that rendered all mineral production in violation of environmental laws illegal.
The Odisha government is evaluating the company’s liability after the top court in its August 2 verdict ordered the state to recover the value of all minerals produced without or in excess of caps under environment, forest laws, pollution control rules and mining plans, ET reported.
Following the development, the stock fell 3.27 per cent to hit a low of Rs 258.5 on BSE.
Odisha directorate of mines has already sent notices to 152 errant lessees, including Orissa Mining Corporation, Tata Steel and Aditya Birla company Essel Mining, to recover Rs 17,576.17 crore, the ET report suggested.
(Source: http://economictimes.indiatimes.com/)