The development follows Supreme Court last month quashing allocation of 214 coal mines alloted to various companies since 1993 and allowing the Centre to take operation of 42 such blocks which are operational.
The Centre has asked state-owned Coal India to prepare a comprehensive plan for managing the mines that were deallocated by the Apex court.
The development follows Supreme Court last month quashing allocation of 214 coal mines alloted to various companies since 1993 and allowing the Centre to take operation of 42 such blocks which are operational.
"Coal India Ltd (CIL) is required to prepare a detailed comprehensive operational plan (mine wise) for managing the mine w.e.f April 1, 2015," a source close to the development said.
The source further said that "it may be required to be decided as to which coal mines out of blocks shall stand cancelled w.e.f March 31, 2015 will be vested with CIL and which will be auctioned."
The coal ministry, the source said, has further advised coal block allocatees not to create any further encumbrances, including recruitment of manpower.
"They (coal block allocatees) have been advised not to strip off assets of the coal mines during transition period i.e. up to March 31, 2015," the source said.
In a major blow to the corporate sector, the Supreme Court had quashed allocation of 214 out of 218 coal blocks allotted to various companies since 1993 terming it as "fatally flawed" and allowed the Centre to take over operation of 42 such blocks which are functional.
The bench, after noting the Centre's stand, quashed 214 allocations and asked Coal India Limited (CIL) to fill the void and take things forward by taking over the operation of 42 blocks which are functional.
Coal India stock price
On October 10, 2014, Coal India closed at Rs 334.55, down Rs 8.75, or 2.55 percent. The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 240.50.
The company's trailing 12-month (TTM) EPS was at Rs 20.04 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 16.69. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 12.85.
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