OUR RIGHT FALLS UNDER SECTION 11 OF THE ACT15 Jan 2021 02:27
The RNS previously released by PAT have confirmed that we have satisfied all of the conditions in (a) to (d) inclusive and therefore, we retain our preferential right under Section 11 (1) of the Act. Hence we can JUST CHILL.
For those who are new to PAT, basically the State Govt, although not legally entitled, wants to have a share in the JV (click on one of my earlier posts where I found evidence of this from an Indian legal site which states that they may enter into a JV with a 51% holding)and that is the bottom line. The management have been negotiating with them to reach an "AMICABLE AGREEMENT" which is also "COMMERCIAL".
Central Government Act
Section 11 in The Mines and Minerals (Development and Regulation) Act, 1957
1[11. Preferential right of certain persons.—
(1) Where a reconnaissance permit or prospecting licence has been granted in respect of any land, the permit holder or the licensee shall have a perferential right for obtaining a prospecting licence or mining lease, as the case may be, in respect of that land over any other person: Provided that the State Government is satisfied that the permit holder or the licensee, as the case may be,—
(a) has undertaken reconnaissance operations or prospecting operations, as the case may be, to establish mineral resources in such land;
(b) has not committed any breach of the terms and conditions of the reconnaissance permit or the prospecting licence;
(c) has not become ineligible under the provisions of this Act; and
(d) has not failed to apply for grant of prospecting licence or mining lease, as the case may be, within three months after the expiry of reconnaissance permit or prospecting licence, as the case may be, or within such further period, as may be extended by the said Government.
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