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Web Exclusive | January 2013

Court rules in favour of OMDC

The Calcutta High Court quashed the order of the Official Liquidator directing Orissa Minerals Development Co (OMDC) to hand over the three iron ore mines lease lands located in Keonjhar district. The assets include Kolha-Roida (255 hectares), Thakurani (1,547 ha) and Dalki (266.77 ha).

Before becoming a step down subsidiary of Rashtriya Ispat Nigam, OMDC was a Bird Group company. Earlier, OMDC obtained three lease assets from Bharat Process & Mechanical Engineers, an erstwhile group company now in liquidation process.

Following this, the Calcutta High Court appointed an Official Liquidator, who directed OMDC to hand over the three iron ore mines lease lands located in Keonjhar district in Odisha.

In a communication to the stock exchange, OMDC said it contested the liquidator’s claim at the High Court and the court ruled in favour of the company.

The Official Liquidator withdrew its order and the case was disposed off by the High Court, it further said. The company is now free to pursue the lease renewal and mining related processes for the un-operational mining assets.

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