V NARADA
Ranchi, Feb 15: The Adani Enterprises Limited has forfeited Rs 1.03 crore of the Ramgarh Sponge Iron Limited (RSIL) following a dispute over the coal supply contract that has fuelled a battle between the two corporate houses.
Further, the Adani Enterprises Limited has asked RSIL to deposit an additional Rs 15 lakh as penalty thus leading to a situation where RSIL may approach the appropriate jurisdictional court to get back the said amount from Adani Enterprises Limited which has recently landed in trouble owing to Hindenburg report.
RSIL had signed a contract with The Adani Enterprises Limited for the supply of 4000 MT Australian origin steam coal in bulk at the rate of Rs 10,400 per MT on an ex-stock basis. RSIL also agreed to pay Rs. 900 as handling charge per MT. The Adani had to supply coal through railway rakes through Haldia Sagar Anchorage Port (Bengal) to Kuju (Ramgarh district in Jharkhand) siding. The coal sale and purchase contract “0000006425” was signed on October 7, 2022.
Because of the restrictions by the railway in rake movement the material could not be lifted from Haldia port to the Kuju siding. Now Adani is asking for a penalty as plot rent, interest for delay and forex loss. The RSIL claimed that the state pollution control board had suspended the Consent to Operate (CTO) license of Kuju, Bhurkunda and Barkakana railway siding as the CTO of all three sidings had expired on 31st October 2022. Due to this, the railway authorities had put restrictions on any rake movement on these siding. Only in the first week of December last year, these CTOs were revalidated by the concerned authorities.
RSIL said it was beyond their control if CTO of these railway sidings was suspended which caused the delay in the dispatch of coal.
On being contacted Tarun Megotia, director of RSIL confirmed they had signed an agreement with the Adani Enterprises Limited for the supply of Australian coal.
“We had made an earnest deposit of Rs. 1.02 crore for the purchase of coal. In between, the CTO of the railway siding was suspended for which we were not responsible. Adani Enterprises Limited started penalizing us in the form of plot rent, delay in execution of deals and many others. It forfeited our amount and additionally slapped a fine of Rs 15 lakh. Adani has slapped plot rent. But when our accredited agent visited the site to inspect and examine ascertained coal it was found that the same was already sold long back without informing us. At first, we want to settle this issue amicably,” he said.
When contacted a senior official of Adani Enterprises Limited held RSIL responsible for the dispute.
“For four months we kept waiting. RSIL showed no interest for making timely payment despite our repeated talk to further proceed the deal. I can’t speak much about this contract. This contract remained unperformed for four months. They had 30 days of lifting time. We are exchanging our points and concerns through e-mail,” said a senior official of Adani Enterprises Limited who is aware of the matter.
