Orissa Minerals Development Co Ltd (OMDC) has crossed a crucial legal hurdle in reasserting its rights over three mining leases.
Once a Bird Group company and now a step down subsidiary of Rashtriya Ispat Nigam Ltd, OMDC obtained three lease assets from Bharat Process & Mechanical Engineers Ltd, an erstwhile group company now in liquidation process.
The Official Liquidator, appointed by the Calcutta High Court, directed OMDC to hand over the three iron ore mines lease lands located in Keonjhar district in Odisha.
OMDC contested the liquidator’s claim at the High Court, which ruled in favour of the company, it said in a filing to the stock exchanges on Wednesday. The Official Liquidator withdrew its order and the case was disposed off by the High Court, it further said.
The assets include Kolha-Roida (255 hectares), Thakurani (1,547 ha) and Dalki (266.77 ha). The company is now free to pursue the lease renewal and mining related processes for the un-operational mining assets.