Supreme Court denies nod to Vedanta Group for exporting iron ore from Karnataka

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New Delhi | Published: September 1, 2016 3:20:27 PM

The Supreme Court today refused permission to Vedanta Group to export iron ore mined from Karnataka while allowing National Mineral Development Corporation (NMDC) to continue with the dual pricing of the minerals.

The court also rejected a plea by Karnataka Iron and Steel Manufacturers' Association (KISMA) to do away with the NMDC's policy of dual pricing of the iron ore. (Source: Reuters)The court also rejected a plea by Karnataka Iron and Steel Manufacturers’ Association (KISMA) to do away with the NMDC’s policy of dual pricing of the iron ore. (Source: Reuters)

The Supreme Court today refused permission to Vedanta Group to export iron ore mined from Karnataka while allowing National Mineral Development Corporation (NMDC) to continue with the dual pricing of the minerals.

A bench headed by Justice Ranjan Gogoi said in its verdict that NMDC is free to fix the price of minerals and continue with the dual pricing.

The apex court also rejected the prayer of Vedanta Group for referring the matter to the High Court for adjudication.

The company had challenged the decision by a court-appointed monitoring committee denying it the permission to export the iron ore.

The court also rejected a plea by Karnataka Iron and Steel Manufacturers’ Association (KISMA) to do away with the NMDC’s policy of dual pricing of the iron ore.

The bench also refused to direct the monitoring committee to fix base price for iron ore.

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