Rs 68 cr bank guarantee imposed on JSPL

Sambad English Bureau Published On : Mar 11, 2014 at 1:06 AM

Odisha Sun Times Bureau

New Delhi, March 11 :

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The Union Coal ministry on Monday imposed a bank guarantee of Rs 68.5 crore – equal to one year’s royalty- against Jindal Steel and Power Ltd (JSPL), promoted by industrialist and Congress MP Naveen Jindal for the delay of six years to develop Utkal B1 coal block in Odisha which was allocated to it in September 2003.

The move follows the recommendations of an inter-ministerial group (IMG) which reviewed the allocation of coal blocks.

The ministry had last month cancelled allocations of two dozen blocks which are part of the 61 cases being reviewed in the Supreme Court as part of the Rs 1.86 lakh-crore coal scam.