{"id":1322,"date":"2008-05-10T01:35:23","date_gmt":"2008-05-10T05:35:23","guid":{"rendered":"http:\/\/www.orissalinks.com\/orissagrowth\/?p=1322"},"modified":"2008-05-10T01:35:23","modified_gmt":"2008-05-10T05:35:23","slug":"supreme-court-puts-stringent-condition-for-mining-lease-to-sterlitevedanta-people-benefit","status":"publish","type":"post","link":"https:\/\/www.orissalinks.com\/orissagrowth\/archives\/1322","title":{"rendered":"Supreme court puts stringent condition for mining lease to Sterlite\/Vedanta: People benefit"},"content":{"rendered":"<p>Following is an excerpt from <a href=\"http:\/\/sify.com\/finance\/fullstory.php?id=14670631\" target=\"_self\">a report in sify.com<\/a>.<\/p>\n<blockquote>\n<p>An environment regulatory committee set up by the Supreme Court has recommended a stringent mechanism for granting mining lease to Sterlite Industries, the parent company of the London-based Vedanta Alumina Ltd, to mine bauxite from the eco-sensitive Niyamgiri hill area for its proposed Rs 4,000 crore aluminium project in Orissa.<\/p>\n<p>\nAs against the plea by the Sterlite India, the Central Empowered Committee suggested that the majority 51% share in the special purpose vehicle \u2014 \u2018Lanjigarh Scheduled Area Development Foundation\u2019 \u2014 should be with the Orissa government and 24.5% each should be with the Orissa Mining Corporation (OMC) and Sterlite.<\/p>\n<p>\nThe Sterlite had suggested that its own share should be 49%, while the Orissa government and OMC should hold 26% and 25%, respectively.<\/p>\n<p>\nA bench of chief justice K G Balakrishnan, justices Arijit Pasayat and H S Kapadia directed Sterlite and the Orissa government to file affidavits on the formation and constitution of the special purpose vehicle.<\/p>\n<p> &#8230;<br \/>\nSterlite has sought direction from the court to accord clearance of the forest diversion proposal submitted by Orissa Mining Corporation for diversion of 660.749 hectare of forest land to undertake bauxite mining on Niyamgiri Hills in Lanjigarh for its Rs 4,500 crore Alumina plant in Orissa.<\/p>\n<p>\nSterlite has agreed to give 5% of the annual profits before tax and interest from the Lanjigarh project, consisting of bauxite mining and alumina refinery, or Rs 10 crore per year, whichever is higher, to the Foundation every year from April 1, 2007.<\/p>\n<p>\nSterlite also said it would make a payment of the net present value (NPV) of Rs 55 crore and Rs 50.3 crore towards wildlife management plan for conservation and management of wildlife around the Lanjigarh mine and Rs 12.2 crore towards development for the tribal people.<\/p>\n<p>\nThe committee said there has to be a balance between conservation and development. \u201cThe balance between these two would thus lie in permitting conservation not merely for private profit but in a manner that maximises the public interest component in the activity,\u2019\u2019 it said. &#8230;\n<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Following is an excerpt from a report in sify.com. An environment regulatory committee set up by the Supreme Court has recommended a stringent mechanism for granting mining lease to Sterlite Industries, the parent company of the London-based Vedanta Alumina Ltd, to mine bauxite from the eco-sensitive Niyamgiri hill area for its proposed Rs 4,000 crore [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[214,399,35,161],"tags":[],"class_list":["post-1322","post","type-post","status-publish","format-standard","hentry","category-bauxite","category-environment","category-district-kalahandi","category-vedanta"],"_links":{"self":[{"href":"https:\/\/www.orissalinks.com\/orissagrowth\/wp-json\/wp\/v2\/posts\/1322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.orissalinks.com\/orissagrowth\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.orissalinks.com\/orissagrowth\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.orissalinks.com\/orissagrowth\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.orissalinks.com\/orissagrowth\/wp-json\/wp\/v2\/comments?post=1322"}],"version-history":[{"count":0,"href":"https:\/\/www.orissalinks.com\/orissagrowth\/wp-json\/wp\/v2\/posts\/1322\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.orissalinks.com\/orissagrowth\/wp-json\/wp\/v2\/media?parent=1322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.orissalinks.com\/orissagrowth\/wp-json\/wp\/v2\/categories?post=1322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.orissalinks.com\/orissagrowth\/wp-json\/wp\/v2\/tags?post=1322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}