The government has asked 12 state-run PSUs like SAIL , NTPC and DVC to immediately furnish all details of any joint ventures formed by them related to 20 coal blocks allocated for captive use for submission to the Supreme Court, which is looking into the issue.
The details have been sought from government allocatees of coal blocks allotted between 1995 and 2007 which are operational or are likely to commence output in FY'15.
The government has sought affidavit from allotees of 61 coal and lignite mines like JSPL and Hindalco about the status of mines.
"In connection with the above mentioned case (ML Sharma Vrs Principal Secretary and others) in the Supreme Court you are requested to furnish...whether any joint venture has been formed for mining of coal in respect of coal block allocated to your company," Coal Ministry has said in letter to the companies.
"What was the process of JV formation? Was it based on competitive bidding? How many firms/companies participated in bid invited if the selection of JV partner was made on the basis of competitive bidding? Percentage ownership of the JV company by allocatee and JV partners," it said.
The letter has been sent to Steel Authority of India, National Thermal Power Corporation and Damodar Valley Corporation, besides PSUs under the state governments.
In case mine developer and operator (MDO) has been appointed for mining of coal, the rate allowed to MDO and the margin of profit of MDO has also been sought by the ministry to furnish the information to the apex Court.
The operational blocks whose details have been sought include Tasra, alloted to SAIL, Tara East alloted West Bengal State Electricity Board and Tara West, Barjore, Gangaramchak and Gangaramchak Bhadulia and Panchwara North given to West Bengal Power Development Corporation and Barjora North to DVC.
The blocks also include Panchwara Central given to Punjab State Electricity Board, Namchik Namphuk of Arunachal Pradesh Mineral Development Corporation, Baranj 1-IV, Kiloni and Manora Deep of Karnataka Power Corporation Ltd, Trans Damodar of West Bengal Mineral Development Corporation, Parsa East and Kanta Basan of Rajasthan Rajya Vidyut Utpadan Nigam and Amelia North of Madhya Pradesh State Mining Corporation.
Among the blocks which are to commence production in 2014-15 include NTPC's Pakri-Barwadih, DVC's Kagra Joydev and Madhya Pradesh State Mining Corporation's Bicharpur block.
The Supreme Court on August 25 said that all coal block allocations made from 1993 to 2010 before pre-auction era during previous NDA and UPA regimes have been done in an illegal manner by an "ad-hoc and casual" approach "without application of mind".
The apex court, which had examined the allocation of 218 blocks said: "There was no fair and transparent procedure, all resulting in unfair distribution of the national wealth." The next hearing is scheduled for September 9.
SAIL stock price
On September 04, 2014, Steel Authority of India closed at Rs 84.20, down Rs 2.1, or 2.43 percent. The 52-week high of the share was Rs 112.90 and the 52-week low was Rs 45.80.
The company's trailing 12-month (TTM) EPS was at Rs 6.53 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 12.89. The latest book value of the company is Rs 103.30 per share. At current value, the price-to-book value of the company is 0.82.
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