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SC allows Mideast Integrated Steels Ltd to sell 23,51,027.83 T of iron ore

Posted On: 2020-01-18 09:14:09

The Hon'ble Supreme Court of India vide its order dated January 15, 2020 has passed the order and permitted Mideast Integrated Steels Ltd to sell 23,51,027.83 T of iron ore already mined and stacked by it before 01.01.2018, under supervision of an authority to be appointed by the State Government subject to the sale proceeds being deposited with the Special Purpose Vehicle (OMBADC). The State Government shall appoint the Supervisory Authority within two weeks' and the sale process shall preferably be completed within two months thereafter.

Mideast Integrated Steels Limited (hereinafter referred to as"MISL or the Company") vide Interlocutory Application No. 30915 of 2019 in Writ Petition (Civil) No. 114 of 2014 has seeks the following reliefs from Hon'ble Supreme Court of India :

- permit the Company herein to sell 23,51,027.83 T of iron ore of different grade and sizes which has been extracted, Processed and stacked at the dispatch site within the lease hold area.

- direct the State of Odisha and its officials to issue Transit Permit for transportation of the said quantity of iron ore of different sizes and grades from the lease hold areas,

- permit the Company herein to deposit the entire consideration money received from the buyers to the State of Odisha towards partial satisfaction of the demand raised by the State vide Demand Notices dated 02.09.2017.

- pass any other order or orders as may deem fit and proper in the facts and circumstances of the instant case as well as in the interest of justice.

Shares of Mideast Integrated Steels Ltd was last trading in BSE at Rs.6.2 as compared to the previous close of Rs. 6.33. The total number of shares traded during the day was 1885 in over 20 trades.

The stock hit an intraday high of Rs. 6.63 and intraday low of 6.2. The net turnover during the day was Rs. 11802.

Source: Equity Bulls

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