In accordance with the Supreme Court directive, power, cement and steel companies holding captive coal-producing blocks have forked out Rs 6,108 crore, at Rs 295 per tonne, towards penalties imposed till now on the mines.
While this huge non-tax revenue has come as a boost for the government seeking to prune twin deficits, it poses further financial pressure on companies including Hindalco, Jindal Steel & Power, Monnet Ispat, Usha Martin, CESC and Prakash Industries that figure prominently in the list of 18 companies that have remitted penalties till December 31, 2014.
The Supreme Court had cancelled the allotment of 204 out of 214 coal blocks in September last year, terming their allocation made since 1993 as “illegal". The court had imposed a penalty of Rs 295 per tonne on coal mined from 42 captive blocks. About 37 blocks were already producing coal while another five were to become operational when the Supreme Court directive came.
While this huge non-tax revenue has come as a boost for the government seeking to prune twin deficits, it poses further financial pressure on companies including Hindalco, Jindal Steel & Power, Monnet Ispat, Usha Martin, CESC and Prakash Industries that figure prominently in the list of 18 companies that have remitted penalties till December 31, 2014.
The Supreme Court had cancelled the allotment of 204 out of 214 coal blocks in September last year, terming their allocation made since 1993 as “illegal". The court had imposed a penalty of Rs 295 per tonne on coal mined from 42 captive blocks. About 37 blocks were already producing coal while another five were to become operational when the Supreme Court directive came.
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