Supreme Court Stays High Court Order on Bellary Iron Ores, Bellary Iron Ores Issue, Supreme Court Stayed Andhra Pradesh High Court Order on Bellary Iron Ores

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SME Times News Bureau | 16 Jun, 2010
The Supreme Court Wednesday stayed an Andhra Pradesh High Court order permitting Bellary Iron Ores Pvt Ltd to lift 1.03 tonnes of processed iron ores after depositing Rs.1.5 crore with the state government.

The court passed the order on an appeal by the Andhra Pradesh government challenging the High Court order.

A vacation bench headed by Justice Deepak Verma said the matter be tagged with an earlier case of the Obulapuram Mining Company Private Limited pending before the apex court.

A hundred percent export-oriented unit, Bellary Iron Ores Pvt. Ltd. is owned by S.K. Modi.

The court also issued notice to the company to state its case.

Bellary Iron Ores had given an undertaking to the High Court that if the amount to be recovered from it was more than the fixed deposit of Rs.1.5 crore then the same would be paid in lumpsum.