Vedanta moves SC against paying for Goa Iron Ore Fund

Vedanta has moved the Supreme Court seeking exemption from contribution to Goa Iron Ore Fund. Goa Iron Ore Fund was set up post an apex court order to address the social impact of mining, according to which 10 percent of sale proceeds would have to be deposited with the fund.

According to Vedanta, the amended MMDR Act has a provision for a similar fund that is provided at a district level.

The difference between the two is that the Supreme Court had mandated that for the Goa Iron Ore Fund, the miners will have to shell out 10 percent of the net sales realisations. Now, in terms of the amended MMDR Act, the states will have to decide the amount payable by the miners which could go up to as high as 100 percent of the royalty payable.

So on account of these two funds provided for, contribution to both funds would be tantamount to double taxation, says Vedanta.