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India has emerged as a global leader in technology and innovation, with over 1,500 Global Capability Centres (GCCs) driving strategic initiatives across industries. GCCs are driving growth across indu...
Published On: 01/06/2016
Practice Area: Projects & Project Finance, Energy, Infrastructure & Natural Resources
Authors:
Ran Chakrabarti
Anubha Sital
Shaima Khan
The Central Government has, on May 30, 2016, notified the Minerals (Transfer of Mining Lease Granted Otherwise than through Auction for Captive Purpose) Rules, 2016 (the "Rules"). The Rules are a step forward towards enabling existing holders of mining leases (which were granted otherwise than through auction and being used for captive purpose) to transfer those leases to persons that meet the prescribed criteria. This move is aimed to facilitate distressed companies to make a smooth exit and to address the concerns of banks and other financial institutions that have invested in such companies.
