Deallocation, bank guarantee deduction for coal blocks

Nov 18 2012, 17:48 IST
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SummaryThe coal ministry has ordered deduction of bank guarantee in the case of D B Power while deallocating coal blocks of some firms.

The coal ministry has ordered deduction of bank guarantee in the case of D B Power while deallocating coal blocks of some firms.

In the case of D B Power, the IMG has recommended the deduction of bank guarantee to the extent of Rs 5.1 crore.

"The BG as calculated by the coal controller to the extent of Rs 5.104 crore be deducted and deposited with the government," the letter from the Coal Ministry said. The BG deduction is for Durgapur-II/Sariya block.

The letters were issued on the back of the recommendations of the Inter-Ministerial Group headed by Additional Secretary (Coal).

Among companies affected by the deallocation were Grasim Industries, Gujarat Ambuja Cement, Lafarge, Electrotherm and Kesoram Industries.

Bhaskarpara coal block, allocated to Electrotherm India and Grasim Industries, has been recommended for deallocation as well as BG deduction of Rs 1.65 crore.

Dahegaon and Makardhokra-IV block, allocated to IST Steel & Power, Gujarat Ambuja Cement and Lafarge India, have been recommended for both deallocation as well as BG deduction of Rs 2.5 crore.

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