‘The Supreme Court on Friday refused to stay recovery of entry tax dues amounting to more than R350 crore, payable on goods imported by companies for their plants and services in Orissa between 2008 and 2012. Companies including Vedanta Aluminium and Tata Steel have been slapped notices over these dues.

A bench headed by Justice HL Dattu, while issuing notice to the state government, refused to grant interim stay against the Orissa High Court’s order that upheld the state’s decision to tax the import of capital goods under the provisions of the Orissa Entry Tax Rules, 1999. However, the state government said it will not take any coercive action against the firms.

The three firms -- IOC, RIL and BPCL -- have retained their last year's respective ranks

State-run Indian Oil Corp is the biggest company in terms of revenue, followed by Reliance Industries, according to the Fortune 500 list of Indian companies for 2012. This year's list of the country's 500 largest corporations, compiled by the business magazine Fortune's Indian edition, features as many as 55 new entities.

Mumbai Govt looks to sell 12.15% through OFS route to raise about R1,400 crore

The government has, on several occasions, indicated that it plans to embark upon its FY13 divestment plan by selling 10-12% stakes in natural resources giants National Aluminium company (Nalco) and National Mineral Development corporation (NMDC). While market observers believe that NMDC is an attractive bet due to the regulatory issues faced by rival Sesa Goa, they think Nalco may not see similar interest from investors given its operational problems.

Essar Power today said it has received 'stage 1' forest clearance from the Ministry of Environment and Forests for its Mahan coal block in Madhya Pradesh.

Proposal was mooted by coal and power ministries to curb profiteering by miners

The law ministry has raised questions about the logic behind making rate-based bidding mandatory for coal miners. “The law ministry has asked the coal ministry whether rate-based bidding actually benefits consumers of power. The ministry is now seeking the power ministry’s opinion on the query,” a senior official close to the development told Business Standard.

The ministry of environment and forests on Wednesday granted forest clearance to the Mahan coal block spread over 1,082 hectares of prime forest in the Singrauli district of Madhya Pradesh.

This coal block was denied clearance four times by the Forest Advisory Committee, who had cited the presence of a large tribal population dependent on these forests for their livelihood.

With locals protesting against Hindalco’s move to mine Mali Parbat, the contractor who was working on making the mine operational has left.

Contraction in user-sectors like construction, power and industrial machinery will hurt

The Planning Commission on Tuesday pitched for privatisation of coal mining, saying the government should have a consistent policy for the energy sector, as third-party sale is allowed for petroleum and natural gas in the country.

“To my mind, the logic is very clear that it should be allowed (for coal),” Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters on the sidelines of the SKOCH Summit in New Delhi.

Sudhir Kant Sahay is honorary executive director of the company

Even as the Coal Ministry on Monday decided to cancel the allocation of the Gourangdih ABC block in West Bengal, owned by Sajjan Jindal’s JSW Steel Ltd. and Himachal EMTA, it delayed action against SKS Ispat, linked to Sudhir Kant Sahay, brother of Union Tourism Minister Subodh Kant Sahay, leading to speculation about political pressure on the issue.

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