india-news

Huge investment no ground for not cancelling coal allocations: SC

New Delhi, Jan. 8 : The Supreme Court on Wednesday said huge investment made by companies in coal blocks without getting clearance cannot be a ground for not cancelling licences.


It asked the central government to give its response as to whether it intends to de-allocate such allocations.

A three-judge bench, headed by Justice R.L. Lodha, said that the companies which invested money on blocks without getting all clearances took the decision at their own risk.

The apex court bench said these companies must suffer consequences no matter how much investment has been made by them. It said, the alleged illegality cannot be compounded.

The bench said this when the Attorney General has contended that around two lakh crore rupees have been invested in such blocks and it will be difficult to cancel the licence for want of clearances.

The apex court said any investment made in anticipation of clearances cannot be justified and such blocks cannot be protected if the companies fail to get clearances within a time frame fixed under the law.

--ANI (Posted on 09-01-2014)

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