MOIL Receives Rs 16.77 Crore Penalty Order From Collector In Madhya Pradesh

MOIL Ltd. said on Wednesday that it has received an order penalising Rs 16.77 crore from the Collector of Balaghat in Madhya Pradesh.

According to the exchange filing, the company received the order dated Jan. 3, 2025, from the collector to pay a penalty of Rs 16,77,08,724.88.

The company was fined the amount for producing more quantity than they were allowed at Tirodi Mine under the environmental clearance or consent to operate in the years 1993–94 to 1995–96, as well as 2006–2007 to 2008–09.

The company has stated that there will be no impact on the operations or other activities of the company due to the abovementioned order.

At the same time, the manganese ore mining company said that it will file an appeal before the appellate authority against the said order.

Earlier this month, the mining company had reported that it had produced 4.6 lakh tonnes of manganese ore for the quarter ended December.

Sales too were at its best, as the state-owned public sector undertaking recorded 13% more business compared to the corresponding period last year.

In the nine-month period, MOIL has made notable achievements. During the April-December period of 2024, the MiniRatna's production stood at 13.3 lakh tonnes, which is higher by about 4.5% over the last year's similar period.

With 11.39 lakh tonnes, the Nagpur-headquartered miner's sales witnessed a growth of 3.5% over last year's figure for the April-December period.

The company, which operates 11 mines across Maharashtra and Madhya Pradesh, has conducted exploratory core drilling up to 72,340 meters, which is higher by 19% over last year's similar period.

MOIL stated that with the record-breaking performance, it expects to clock its best-ever third quarter in revenue terms also.

Shares of MOIL Ltd. closed 1.47% lower at Rs 338.25 apiece on the BSE, compared to a 0.06% decline in the benchmark Sensex.