Mumbai, 4 July (IANS). Tata Steel said on Friday that it received a demand notice of Rs 1,902.72 crore from the Deputy Director of Khan in Jajpur, Odisha.
This notice is related to the alleged decrease in the dispatch of minerals from the company’s wounded chromite block.
According to the filing filed by Tata Steel to the Stock Exchange, the demand notice is given by the Bureau of Mines of India and is based on the revised calculation of average sales prices.
The mining officers issued a notice on 3 July under Rule 12A of the Minerals (apart from the atomic and hydro carbon energy minerals) concession rules, 2016. He has also proposed to use the company’s performance security amount to recover the outstanding amount.
The company said in its filing, “Tata Steel Limited on July 3 has received a demand notice from the office of the Deputy Director of Jajpur in connection with the revised assessment of a decrease in the dispatch of minerals from the company’s wounded chromed block for the fourth year. Violation has been talked about. ”
The company said in its filing, “The amendment to the assessment is based on the announcement of the average selling price notified by the Bureau of Mines of Mines.”
It is being said that the decrease in mineral dispatch under the Mines Development and Production Agreement (MDPA) for the well -being has been said during the fourth year of Tata Steel’s mining agreement from 23 July 2023 to July 22, 2024.
Tata Steel has disagreed with a demand notice. The company said that the claim has no justification or proper basis, and is planning to challenge the notice through legal channels.
Located in the Jajpur district of Odisha, Sukinda is one of the largest chromite stores in the country and plays an important role in the supply of Tata Steel’s raw materials.
-IANS
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