TEAM HERALD
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PANJIM: Of the total 12 companies (holding 16 leases), which were sent notices to renew their expired mining lease licences, all seven, whose deadlines to pay stamp duty expired on February 28, will have paid up by Thursday, officials said Wednesday. State government is expecting revenue of Rs 240 crore from the renewals of mines leases.
Sesa Goa, which is part of mining major Vedanta, had sought extension of stamp duty payment date by claiming that it did not have any ‘money’ in its bid to get more time. But refusal of mines department to entertain their plea has led it to decide to pay the duty by March 7.
The deadline for the remaining mining companies to pay their stamp duty expires Thursday.
From the second list two companies ~ Chowgule and Bandekar, have paid Rs 22.2 crore Wednesday.
Director of Mines Prasanna Acharya said that his department has rejected Sesa Goa’s plea for extension of the date based on company’s claim of no funds to pay the Rs 46.73 crore stamp duty for renewal of its mining lease at Codli, which is due since November 2007. It had also stated that as per Indian Stamp Duty Act, minimum 60 days should be given to the firm to pay stamp duty for lease renewal, Acharya said. The letter was sent on February 28.
“Suspension of mining operations has put considerable pressure on the cash flows of the company. To pay the stamp duty, the company will have to look at alternative source of financing which will take time,” the letter from Sesa Goa stated.
The Mines department in its reply, issued on March 5, has said that ‘as the notice was not issued under the Indian Stamp Act, the question of allowing 60 days period does not arise as renewals have been delayed for the last five years and the mining leases in Goa are operated without paying a single rupee for more than five years’.
“We have directed them to pay the duty immediately, that is, by March 7,” Acharya said adding ‘time should be given to the firm once reply is furnished to act on it’. “This does not mean that the extension was granted,” he clarified.
Along with Sesa Goa, V M Salgaoncar had also sought time, as the notice issued to them was received, just a day before the final deadline of February 28, Assistant Director, Mines Department Parag Nagarcekar said V M Salgaoncar has to pay a stamp duty for its two mines (Rs 5.70 crore and Rs 3.95 crore respectively).
