While Monnet said it is considering moving court against the decision, JSPL stated that all efforts were made to develop the block. "The companies have failed to develop the same (coal block) as per the milestones prescribed without any valid reasons for the delay. It has been decided to de-allocate the Urtan North coal block in the state of Madhya Pradesh allocated to Jindal Steel & Power Ltd and Monnet Ispat & Energy Ltd," the Coal Ministry said in a letter dated December 17 to both the firms.
It said the companies will not be eligible for allocation of any coal block in lieu of the deallocated block. Reacting to the development, Monnet group Sr Vice President (Marketing and Corporate Affairs) Amitabh S Mudgal said: "It is ironic that development time given for a mine is far, far away from the ground reality.
Alsio read: Coal India unlikely to meet its output target for FY'14
"We will go to the court and in the process the prime focus of developing the block will get diverted resulting in further delays in augmenting coal production."
JSPL spokesperson said: "Both the companies have made all possible efforts to start coal mining in Urtan coal block...The coal block has been de-allocated despite best efforts made by our companies."
The ministry has further said: "Order regarding deduction and encashment of proportionate BG (Bank Guarantee) linked to the milestones set for development of the block as per the allocation letter would be issued separately after receipt of calculation of amount from the office of coal controller."
The decision was taken after the inter-ministerial group's (IMG) recommendation for deallocation of block. "Taking into account the facts...EC (Environment Clearance), land acquisition, grant of previous approval of mining lease are pending, IMG recommends de-allocation of coal blocks," the ministry said.
The coal block was allocated to both the firms in 2009 to meet the requirement of their sponge iron plants. 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 for delays in development of mines.
The panel under the chairmanship of Additional Secretary in the Coal Ministry comprises members from other ministries, ncluding steel and power.
Monnet Ispat stock price
On December 18, 2013, Monnet Ispat closed at Rs 139.95, down Rs 0.75, or 0.53 percent. The 52-week high of the share was Rs 308.00 and the 52-week low was Rs 92.55.
The company's trailing 12-month (TTM) EPS was at Rs 35.02 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 4. The latest book value of the company is Rs 404.78 per share. At current value, the price-to-book value of the company is 0.35.
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