The coal ministry has cancelled mining license for Mandla South coal blockwon by Jaypee cement following sale of attached plants to Ultratech Cement. Jaypee Cement sold three of the four projects attached to the Mandla South block in Madhya Pradesh, without the right to cola block, to Ultratech Cement on January 29 last year.
“The office of Nominated Authority got to know about the sale of end use plant only on when successful bidder was asked about the matter vide letter dated 7th/12th December 2017. Hence, despite of various notices and letters from the office of Nominated Authority to adhere to the terms and conditions of the CMDPA, the successful bidder had sold the end use plants, which is major lapse on the part of successful bidder and also shows the clear intention of successful bidder of being not serious about the development of the coal mine,” the ministry wrote in a letter to Jaypee Cement Corp. Read More…
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