New Delhi THE ministry of corporate affairs has suggested some fine-tuning of the new Mines Bill, which is being examined by a parliamentary panel and provides for profit-sharing by mining firms with project-affected people, among other provisions.

Questioning a clause in the new Bill that provides for issuing at least one share of the mining company to each affected family that will be non-transferable, the MCA in a letter to the panel has said that under the Companies Act, shares of public and private limited companies and those of listed companies are transferable.

Profit-sharing with tribal people and auctioning of mineral concessions are not the only landmark changes proposed in the new mining Bill.

Cabinet approves landmark legislation

The Union Cabinet on Friday approved the landmark Mines and Mineral Development and Regulation (MMDR) Bill, 2011 that provides for mining companies to keep aside 26 per cent of their net profits for a Mineral Development Fund to be used for the development and rehabilitation of project-affected people in tribal areas. For the non-coal companies, the amount will be equivalent to the royalty they pay.

The Union Cabinet is set to clear a slew of important legislation and amendments on Friday. On the agenda is the Mines and Minerals Development and Regulatory (MMDR) Bill, 2010, amendment to the Civil Liability for Nuclear Damage Act, 2010, amendment to the Press and Registration of Books and Publishing Act, 2010, and the LIC (amendment) Bill, 2009, among others.

New Delhi Environmental negligence and apathy to genuine social concerns over industrial projects will cost corporate India dear, with the government planning to make company boards directly accountable for such lapses.

The ministry of mines has sought clearance from the Cabinet for making amendments to the existing mining legislation. Besides introducing a benefit-sharing regime for the first time, the proposed law will also be making provisions for regulating mining in the country. The forward movement of the Bill, coming within two months of its approval by a key ministerial group, is likely to disappoint industry groups that were expecting a relaxation in benefit-sharing provisions.

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