Monnet Ispat clarified the information of the general public, investors and all other stakeholders that the company had not signed any iron ore mining lease with the state of Jharkhand. Therefore, the news about the cancellation of iron ore mining lease is factually incorrect.
It's also clarified that the company was never allocated any iron ore mine in the state of Jharkhand by any state government in past or present.
The news item in the current form has created unnecessary and unwanted misunderstanding about the actual facts of the case, which is stated as under:
"The company had made an application for an iron ore block to the Jharkhand government in 2004-05 with intent of putting up investments in the sponge iron/steel plant in the state. The application was recommended by the state government to the central government for favorable consideration for Monnet along with other companies. Subsequently, the state government withdrew the recommendation from centre. MIEL and other companies approached the high court against this withdrawal, but the high court upheld the decision of the state government. Thereafter, the order of the high court was challenged with the Supreme Court by all the respective companies and the Supreme Court also upheld the decision of high court."
The development is immaterial and doesn't have any impact or bearing on the current business operations, expansions and evolving business plans of MIEL.
The company has never, in past or in present, stated the existence of any mining interest in the state of Jharkhand in any communication in the public domain.