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Coal India subsidiaries face Rs 53,331 crore penalties for over producing

Coal India’s five subsidiaries are facing Rs 53,331 crore of penalties slapped by states for exceeding production limits set by environmental authorities. The company has included the figure in its annual report for 2018-19 under the head ‘contingent liability’, meaning it is a potential liability and may have to be paid depending on the outcome of each of these cases. If Coal India needs to pay the levies, its finances will be critically hit. Its reserves, which stood at Rs 38,000 crore as on April 1, will fall short by Rs 15,000 crore.

Read More at The Economic Times News date : 26 Jul 2019, Friday

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