EUR/USD likely to find a peak near 1.25: UBS
MUMBAI - The Orissa High Court has temporarily restrained authorities from taking coercive action against Tata Steel (NSE:TISC) Limited regarding a ₹1,902.72 crore demand notice, according to a company statement released Tuesday.
The demand, issued by the Office of Deputy Director of Mines in Jajpur on July 3, relates to an alleged shortfall in mineral dispatch from Tata Steel’s Sukinda Chromite Block during the fourth year of its Mine Development and Production Agreement (July 2023 through July 2024).
The mining authorities claim the shortfall violates Rule 12-A of the Minerals Concession Rules, 2016, and had sought to appropriate Tata Steel’s performance security.
In response, Tata Steel filed a writ petition on August 8 in the Orissa High Court seeking to quash the demand notice. The court heard the matter on August 14 and has tagged Tata Steel’s petition with similar cases scheduled for hearing on September 2.
The High Court order, received by the company on Tuesday, specifically restrains authorities from taking any coercive steps against Tata Steel until the next hearing date.
Tata Steel made this disclosure in compliance with regulatory requirements under the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations.
The company’s shares are listed on the London Stock Exchange (LON:LSEG) in addition to Indian exchanges.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.