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Monnet Ispat & Energ - Clarification from Monnet Ispat & Energy Ltd

By Religare

The Exchange had sought clarification from the company with respect to news appearing in The Economic Times on July 31, 2015 titled "Monnet Ispat to surrender its Odisha coal block."

The company replied stating "The Company would like to inform that the Company did not bid for Utkal-C Coal Block ("Coal Block") situated in Orissa. Monnet Power Company Limited ("MPCL") a subsidiary company participated in the bid for Utkal C. However, the facts relating to the Coal Block bid are as under:-

- MPCL participated in bid for the Coal Block and won the same, subject to providing the requisite Performance Bank Guarantee ("PBG") in terms of Government policy.

- Due to the change in circumstances, leading to the possibility of capping of fixed charges ex post facto, in future threatening the viability of the Bid, MPCL approached the Hon ble High Court of Delhi ("Court") by way of WP No 3786/2015 ("Case") for restraining the Government from capping the fixed charges or in the alternative, to allow MPCL to withdraw from the bid of Coal Block and sought restoration of status quo ante.

- On May 26th, 2015, the Hon'ble Court recorded the surrender of Coal Block by MPCL and directed the Government not to encash the bid security amount till next date of hearing."

Story first published: Monday, August 17, 2015, 12:30 [IST]
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