The Birla Corporation stock was flat in the early trade on October 11 after the company was slapped a penalty of Rs 8.4 crore for alleged excessive mining in violation without obtaining environmental clearance
The office of collector (mining) Satna in Madhya Pradesh imposed a penalty of Rs 8,42,86,858 for excess production of limestone from the captive mining for the 2000-01 to 2006-07 period without obtaining environment clearance.
The company did not take environment clearance due to the ambiguity in the provisions of EIA Notification 1994, which was only clarified subsequently by the principles laid down in the common cause judgment of the Supreme Court on August 2, 2017, the company said.
The company, however, had the valid consent to operate the mines from the State Pollution Control Board. The company is reviewing the order and evaluating the next steps, it said.
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Birla Corporation operates four division -- cement, jute, vinoleum and auto trim division.
At 9.22 am, Birla Corporation was quoting at Rs 1,260.10 on the BSE, up Rs 3.15, or 0.25 percent.
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