Date:06/10/2007 URL: http://www.thehindubusinessline.com/2007/10/06/stories/2007100650460300.htm

Back Court directive to CIL, DVC on Mining Corp bid

Our Legal Correspondent

Kolkata, Oct. 5 Mr Justice Sanjib Banerjee of Calcutta High Court on Friday directed Coal India Ltd (CIL) and Damodar Valley Corporation (DVC) to furnish an unconditional bank guarantee of Rs 100 crore for the purposes of their bid for taking over the Mining & Allied Machinery Corporation (MAMC) at Durgapur. The court further directed both CIL and DVC to give an undertaking to that effect by October 12.

Earlier, CIL and DVC had filed a joint application seeking three months to assess the viability of the Corporation. Responding to the petition, the court adjourned the sale of assets of MAMC for 14 months.