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MUMBAI - Tata Steel (NS:TISC) Limited has filed a Curative Petition with the Supreme Court of India, seeking a review of a previous court ruling related to the imposition of tax on mineral bearing land by the State of Odisha. This legal move, announced today, comes after a series of judgements and orders concerning the legislative authority of states to tax minerals.
The Supreme Court had previously ruled on July 25, 2024, that the Mines and Minerals (Development & Regulation) Act, 1957, does not strip states of the power to levy such taxes. Subsequent clarifications and the dismissal of review petitions by the Supreme Court have led to Tata Steel's decision to invoke the extraordinary jurisdiction of the court under the Supreme Court Rules, 2013.
This step is the latest in a legal journey that began with the Orissa Rural Infrastructure and Socio-Economic Development Act, 2004, which saw the State of Odisha imposing taxes on mineral bearing lands, including those owned by Tata Steel. The matter was addressed by the Constitutional Bench of the Supreme Court, which resulted in the current situation where Tata Steel is seeking further judicial review.
Tata Steel's action aligns with the regulatory requirements of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has made this disclosure to comply with these regulations, ensuring transparency and adherence to legal and procedural norms.
The outcome of this petition could have implications for Tata Steel and potentially for the broader mining and steel manufacturing industry, as it pertains to the financial liabilities related to mineral extraction and land use. The company's move to file a Curative Petition indicates its commitment to seeking a resolution that could influence the financial and operational aspects of its business.
Investors and stakeholders in the mining sector are monitoring the situation, as the Supreme Court's decision on this petition could set a precedent for future taxation and regulatory practices within the industry. The information regarding Tata Steel's legal action is based on a press release statement and provides an update on ongoing litigation matters that are significant to the company and its operations.
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