India's top court scraps illegal coal blocks

Supreme Court cancels 214 of 218 permits for coal mines allocated since 1993 after licensing process was deemed illegal.

    India's top court scraps illegal coal blocks
    The court only spared four blocks despite request from the federal government to exempt about 40 coal blocks [AFP]

    India's top court has cancelled 214 of the 218 government permits for coal mines allocated since 1993 after the licensing process was deemed illegal.

    "The court has cancelled all the allocations except four," Attorney General Mukul Rohtagi told reporters on Wednesday outside the court.

    The Supreme Court of India ruled last month that the country's decades-old method of granting coal mining concessions was illegal and arbitrary, putting investments worth billions of dollars at risk.

    The court only spared four blocks despite requests from the federal government to exempt about 40 coal blocks that had either started production or were near it.

    The ruling sent shares of Jindal Steel and Power Limited, Hindalco Industries Limited and Tata Power Co Limited sharply lower.

    The firms have already spent heavily on steel and power plants based around the coal blocks.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Meet the deported nurse aiding asylum seekers at US-Mexico border

    Meet the deported nurse helping refugees at the border

    Francisco 'Panchito' Olachea drives a beat-up ambulance around Nogales, taking care of those trying to get to the US.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.