Thanks to a Calcutta High Court order, Orissa Minerals Development Company (OMDC), a listed subsidiary of state-owned Rashtriya Ispat Nigam Ltd, has received a lifeline of sorts.The iron ore miner, short of any real work until recently for want of mines, has been allowed to lease three resource-rich mines – Kolha Roida, Thakurani and Dalki – that the state government had originally leased out to Bharat Process and Mechanical Engineers Ltd (BPMEL). For, BPMEL is now under liquidation.BPMEL had contracted OMDC in 2003-04 to mine at the three sites on its behalf. When the approvals expired in 2006-07, the three sites were shut.In the wake of BPMEL’s ongoing liquidation, the state government had sought to re-possess the mines.The court, however, directed that since OMDC had been mining at these sites, it should be allowed to retain their possession now.OMDC informed the BSE that it has received a letter from the office of the official liquidator at the Calcutta High Court to this effect.This means, the state government has been effectively restrained from leasing the three sites to other miners, paving the way for OMDC to restart production.The liquidator also directed OMDC “to make payment of outstanding dues, if any, which were receivable by BPMEL”.While the amount of dues was not clear, an OMDC official said leases of all the three mines have been handed over to the company.The miner does not see any more hurdles to production, which is likely to start before this fiscal-end.
OMDC Updates on lease land Iron Ore Mines at Odisha
Orissa Minerals Development Company Ltd has received a letter from The Office of The Official Liquidator, High Court, Calcutta with a direction to hand over the possession of the 3 (three) lease land Iron Ore Mines at Odisha which was having lease of Bharat Process & Mechanical Engineers Limited (BPMEL - In Liquidation) and also to make payment of outstanding dues, if any, which was receivable by BPMEL (In Liquidation) in the matter.
The matter was take up at the Hon'ble High Court, Calcutta. The Hon'ble High Court, Calcutta heard the matter on January 11, 2013. The Official Liquidator withdraw its order and accordingly the case has been disposed of.
The Orissa Minerals Development Company Ltd stock closed the day at Rs.4080.20, down by Rs.87.05 or 2.09%. The stock hit an intraday high of Rs.4187.95 and low of Rs.4060.
The total traded quantity was 4385 compared to 2 week average of 18119.
This is expected to have a bearing on the share price of its holding company Eastern Investments Limited which is an unlisted companies.
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