Chennai-based Manali Petrochemicals Ltd announced that the southern zone of the National Green Tribunal (NGT) has recommended that industries in the Manali Industrial area, where the company is located, should create a corpus fund for the improvement of the environmental standards in the area.
In a regulatory filing, the petrochemicals manufacturer said that the tribunal judgement pertains to a suo motu case filed against industries in the area in an environment-related issue during April 2019 and December 2020.
“The tribunal has given certain directions/recommendations to the industries in Manali, Tamilnadu Pollution Control Board, and the Central Pollution Control Board which includes a collection of environmental compensation and creation of corpus fund for improvement of environmental standards in Manali Industrial area,” it added.
However, the company clarified that there was no environmental compensation levied on it as it has adhered to norms.
“With regard to NGT recommendation on creation of corpus fund, we are unable to quantify the impact of this judgment at this juncture, on the business and operations of the company,” it added.