Mining Major GVK Demands Stay On Coal Auctions, Indian Bourse Seek Clarification

In a regular correspondence with the company, the National Stock Exchange has sought clarification from GVK Power & Infrastructure Limited following a recent news report that stated that the company had asked for a stay order on coal block auctions.

“In this regard, Exchange has advised the Company to provide clarification or confirmation on the news item. If so, the company is advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the Company,” said the exchange in its letter.

It should be noted that the company has filed a writ-petition before the Delhi High Court for a stay on coal auction process. "We confirm having filed a writ petition before the Delhi High Court challenging the ... Coal Mines (Special Provisions) Ordinance, 2014 as well as the auction process due to significant under valuation of the compensation due in terms of the Ordinance (Coal Mines (Special Provisions) Ordinance, 2014," said a company spokesperson.

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