Mines Secretary, Government of Goa has issued a fine of Rs 15,00,000 on Sesa Resources Limited, a subsidiary of Vedanta Limited, for an unauthorised extraction of stones, the company announced through an exchange filing. SRL preferred a revision application before the Mines Secretary, Government of Goa and held that SRL was not liable for unauthorised extraction under Rule 63(3) of the GDDMMC Rules.
The company in the regulatory filing said, "However, the said Order directed SRL to pay Rs. 15,00,000/- as the property, on which unauthorised extraction of stone was carried out by third parties, was owned by SRL."
The Directorate of Mines and Geology had initiated action against SRL under Rule 63(3) of the Goa, Daman and Diu Minor Mineral Concession Rules, 1985 (‘GDDMMC Rules’) for unauthorised extraction of stones.
The shares of Vedanta on Friday closed at Rs 237, ending the week o.34 per cent higher.
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