 "Live: SC reserves order in coal block allocation case")
4.08 pm: SC reserves order in coal case
Supreme Court reserves order in coal block allocation case.However, the court has not given any date to pass the order.
Meanwhile, Steel and power producers have been seeking appointment of judicial commission in the case. The appointment of judicial panel has been sought for fact findings.
1:35 pm: Let companies keep coal blocks or let Coal India take it, Centre tells SC
The Centre has told the apex court that it can mull two alternatives for the 40 coal blocks that are in operation presently, reports CNBC-TV18.
The government has suggested that the coal blocks that are operational be allowed to continue. The government has also said that Coal India could take the coal blocks until the auctions are completed.
The court has now adjourned for lunch.
12:15 pm The central government reiterated today that itfavours cancellation of coal blocks allocations which were declared as illegal by Supreme Court.
In sum and substance, cancellation of coal block allocation is a natural consequence, the government said, adding that the apex court should however consider retaining the46 blocks which are in operation or are tobe operated soon. Currentlyabout 40 blocks are operational and another six are ready to produce 50 million tonnes coal in the current year.
Out of 40 functional mines, two are allocated to an Ultra Mega Power Project (UMPP), which has not been declared as illegal by August 25 judgement. According to CNN IBN, the government has even recommended that Coal India could perhaps take over the 46 coal blocks that are in operation.
In an affidavit submitted to judges, the government saidthat instead of cancelling their licenses, this group of companies should be made to pay a cess on the coal they produce. Thecalculation, it has suggested, will be based on the government auditor’s report in 2012 that identified how much money was lost by arbitrarily distributing mining rights.
Meanwhile, even the companies whowere allocated coal blocks have pleaded the SC to not cancel coal block allocation without hearing their case. According to experts, losing coal permits for Jindal Steel and Power, Essar Power and Hindalco together could put projects worth Rs 42,000 crore in jeopardy.
11.25 am: Bhushan wants to remove Ranjit Sinha from coal case
Prashant Bhushan has filed a plea to remove CBI’s Ranjit Sinha from coal case. The Supreme Court hasgiven CBI director 10 days to respond to the notice and post the matter for further hearing on 19 September.
Bhushan has also asked the apex court to set up a Special investigation Team (SIT) to probe the “abuse of authority committed by the CBI director to scuttle inquiries, investigations and prosecutions carried out by the agency in coal block allocation cases and other important cases”.
Metal stocks top loser
Metal stock were down in trade today as India’s apex court is expected to pass an order that would decide the fate of 218 coal blocks allocated during 1993-2010 to various public and private sector companies. In its earlier order on August, the apex court had held the allocations illegal. The apex court had said that no objective criteria were followed by the screening committee in the allocation of the coal blocks.
Jindal Steel and Power, Hindalco Industries and Sesa have spent billions of dollars on steel and power plants based around the coal blocks, which is why they are all in red today prior to the SC verdict.
National Aluminium is down2.8 percent, Jindal Steel wasdown 1.9 pct, Sesa dropped 1 percent, Hindalco lost 0.8 percent, Tata Steel was down 0.7 percent whileJSW Steel was down almost 0.7 percent.
Experts believethe court may likely decide to fine the companies involved rather than go in for wholesale de-allocation of mines as it couldhave ripple effects across power and cement and have a negative impact on both growth and inflation.
Cancelling coal blocks will only lead to short-term power disruption, says Piyush Goyal
Power ministerPiyush Goyal told CNN-IBN that even if the apex court decides to cancel coal blocks, it would only lead to a short-term disruption of power. He added that the government was working towards providing 24 hours of non-stop electricity.
“I am on test every single day and September 9 will be like every such day. I am hoping that 9th will show some finality on this long pending issue. I hope that the decision is final so I am able to move forward and find solutions to this problem of increasing the coal production and reducing our dependency on imports and increasing the generation of power,” he told _CNN IBN_when asked about Supreme Court’s verdict on the coal block allocation.
The minister further said thatthe government will comply with the Supreme Court’s decision on the fate of the illegally allocated coal blocks without making a case for exemption for any player.
Final verdict unlikely today as many cos are filing affidavits
However,Harshvardhan Dole, VP Research - Institutional Equities, IIFL does not expect final judgment by the Supreme Court today as many companies are in the process of filing affidavits, as suggested by the Attorney General. However, he is confident of the final verdict being announced in a few weeks.
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