MoEF Slaps Adani Port Rs 200 cr for Violating Green Norms

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The environment ministry imposed the fine on Adani Port and Special Economic Zone Ltd for allegedly damaging mangroves and creeks while setting up the Mundra project at Kutch.

The Ministry of Environment and Forests (MoEF) has slapped a penalty of Rs 200 crore on Adani Ports & SEZ after which the stock tanked around 6 percent to close at Rs 122 on BSE on September 3, 2013. While developing the Mundra Port, Adani Port destroyed some of the mangroves and creek area in that particular region following which a committee was set up to look into the matter. The Rs 200 crore penalty will be put in an escrow account over some period of time so that there is no immediate hit on the company.

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In FY13 the company’s cash stood at Rs 830 crore and hence it will not face any difficulty in parking this penalty. The committee which is discussing about the restoration fund was already indicating an account that would amount to about 1 percent of the total project cost or Rs 200 crore whichever was higher and they finally settle down on Rs 200 crore amount.

(Sourced from http://www.moneycontrol.com/news/current-affairs/moef-slaps-adani-port-rs-200-cr-for-violating-green-norms_944214.html?utm_source=ref_article)

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