"The reply submitted by your company (companies) is under consideration of the Inter-Ministerial Group (IMG)...and it has been decided to provide an opportunity to you to present your explanation/version before the IMG on the current status of development of allocated coal block," according to a coal ministry document.
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"You are requested to make a presentation with respect to the achievement of different milestones prescribed for the development of coal block and reasons for delay, if any, with respect to achievement of the same," it said.
The coal block allocatees were earlier issued show-cause notices for delaying the production from their mines. Jindal Steel and Power Ltd has been asked to make presentation with regard to delaying the production from its four coal blocks -- Amarkunda Murgadangal in Jharkhand, Utkal B1 and Ramchandi Promotional block in Odisha and Urtan North in Madhya Pradesh.
SAIL has been asked to make presentation for Sitanala mine in Jharkhand, and NTPC for Parki Barwadih mine in Jharkhand and Talaipalli mine in Chhattisgarh. Other firms which have been asked to make presentations are GVK Power , Abhijeet Infrastructure, Bhusan Steel and Power and Monnet Ispat & Energy among others.
The Coal Ministry has also asked the companies to provide before IMG the details of investment made vis-a-vis the ones planned for developing coal blocks, and progress of the implementation of end-use plants among others.
The government had formed the IMG last year to review the progress of coal blocks allocated to firms for captive use and recommend action, including de-allocation. The panel under the chairmanship of Additional Secretary in the Coal Ministry has members from other ministries including steel and power.
On October 23, 2013, Jindal Steel & Power closed at Rs 245.45, down Rs 1.5, or 0.61 percent. The 52-week high of the share was Rs 473.90 and the 52-week low was Rs 181.55.
The company's trailing 12-month (TTM) EPS was at Rs 19.46 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 12.61. The latest book value of the company is Rs 132.09 per share. At current value, the price-to-book value of the company was 1.86.
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