JP Cements has pending liabilities worth Rs 75 cr : The Tribune India

Join Whatsapp Channel

JP Cements has pending liabilities worth Rs 75 cr

SOLAN: With the state Cabinet having accorded its consent to JP Cements to sell their plant to the UltraTech yesterday, the Industries Department (ID) was finalizing a tripartite agreement to facilitate the changeover.



Ambika Sharma

Tribune News Service

Solan, June 21

With the state Cabinet having accorded its consent to JP Cements to sell their plant to the UltraTech yesterday, the Industries Department (ID) was finalizing a tripartite agreement to facilitate the changeover.

Sources in the ID said the same was likely to be signed within a day or two and it will pave the way for the changeover. The JP Cement plant has been non-functional since May though no official information was available with the Mining Wing of the ID which charges monthly royalty from the unit for the use of minerals.

With pending liability of as much as Rs 75 crore due on account of royalty alone the unit management was yet to get the no dues certificate from the mining officials. Thought the Ultra Tech was supposed to take over the plant along with the liabilities obtaining this no dues certificate was essential before the tripartite agreement was signed to transfer the mining lease and complete other formalities.

Sources said the state government was banking on an upfront security which was due to be deposited for this changeover and it could help the government realize its pending dues worth crores.

Sources informed that JP Cements had pending dues worth Rs 72.93 crore on account of royalty till March. This comprises royalty worth Rs 43 crore (approx) which is recovered for the production of limestone and shale. Since no dues have been paid since 2015 an annual interest at the rate of Rs 24 per cent amounting to Rs 12 crore has also become due and this has been calculated up to April this year.

The state government had adopted a soft attitude towards the non-payment of dues which had now amassed at Rs 75 crore.

Apart from this, an amount of Rs 99 lakh is due on account of contribution towards the National Mineral Exploration Trust which is calculated on the basis of 2 per cent of the royalty charged from the unit. An additional Rs 14 crore is also pending on account of the District Mineral Exploration Fund which is charged at the rate of 30 per cent of the royalty payable since January 2015.

On the contrary, the plant management was supposed to get Rs 61.74 crore as transport subsidy and though it had requested the ID to grant them the same, it was withheld on account of the liability worth crores which the plant owned to the ID.

Assistant Geologist Sarit Chander, while confirming the news, said pending dues worth Rs 75 crore on account of royalty were unpaid since 2015 by the JP Cements and they had not issued any no dues certificate to the unit.

The plant management was also supposed to pay Rs 28 crores as pending freight charges to the truckers which was pending for the last three months. Despite a nearly two-and-a-half month agitation the truckers were yet to get their dues.

Top News

Relief for Delhi CM, High Court bins plea for his ouster

Relief for Delhi CM, High Court bins plea for his ouster

Special court extends Kejriwal’s ED custody till April 1