SC denies Vedanta to Export Iron Ore from Karnataka

NEW DELHI: The Supreme Court today denied permission to Vedanta India to export iron ore mined from the state of Karnataka while permitting NMDC — National Mineral Development Corporation to carry on with the dual pricing of the minerals.

A bench headed by Justice Ranjan Gogoi said in its verdict that NMDC is free to fix the price of minerals and continue with the dual pricing.

The apex court also refused the prayer of Vedanta India for referring the matter to the High Court for judgement.The company had challenged the decision by a court-appointed monitoring committee defying it the permission to export the iron ore. The court also refused a plea by KISMA — Karnataka Iron and Steel Manufacturers’ Association to do away with the National Mineral Development Corporation’s policy of dual pricing of the iron ore.

The bench also denied to direct the monitoring committee to fix base price for iron ore.

Vedanta share price performance:

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