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News Topical, Digital Desk : Tata Steel, a major company of the Tata Group , informed after the stock market closed on Friday that the company has received a demand letter of Rs 1,902.7 crore from the Odisha government . The company said that this demand has been made on the basis of revised assessment of dispatch of minerals from Sukinda Chromite Block .
Tata Steel says that this demand of the state government is irrational and without any solid basis. The company will resort to legal options in this matter at the appropriate judicial or quasi-judicial forum. Tata Steel Limited has received a demand letter from the Deputy Director of Mine Office, Jajpur .
what the company said
The company said that this demand letter is related to the revised assessment of the shortfall in dispatch of minerals from the company's Sukinda chromite block . This assessment has been made for the fourth year (ie from 23 July 2023 to 22 July 2024), which falls under the terms of the Mine Development and Production Agreement .
In this demand , it has been alleged that the company has violated Rule 12 A of the Minerals ( Other than Atomic and Hydrocarbon Energy Minerals ) Concession Rules , 2016 and due to this the performance security amount has been appropriated .
Stock Performance
The company's stock closed at Rs 163.10 on Friday with a decline of 1.69 percent. In the last one year, the company's stock has seen a decline of 7.48 percent.
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