The Supreme Court today rejected the pleas of the Federation of Indian Mineral Industries (FIMI) and Vedanta seeking scrapping of e-auction of iron ore in Karnataka. A bench of Justices Ranjan Gogoi and Naveen Sinha said the court rejects the plea of FIMI and Vendanta suggesting alternative measures for e- auction.
FIMI had submitted that instead of e-auction, there should be long-term agreement between producers and buyers as part of the new mechanism relying upon the suggestion made by the Central Empowered Committee (CEC)in its report on April 28, 2016.
The apex court had on April 18, 2013 allowed mining in Ballari, Tumakuru and Chitradurga districts, but with the cap of 30 million tonne per annum. It added that mining should be only through e-auctions and subject to monitoring by the Central Empowered Committee.