Tata Steel has received a demand notice of Rs 2,410.89 crore.
The Odisha government has made a big allegation of the country’s big steel company Tata Steel. The state government says that the company did not send as much as Chrome Ore. The government claims that it has caused a big loss due to this. Due to this, the government has sent a notice to the company demanding Rs 2,410.89 crore. Actually, this case is related to the well -known mine in Jajpur district of Odisha. The government says that between 2024 and 2025, Tata Steel did not supply ore as per the agreement.
Tata Steel shares fell
The impact of this major legal demand was also clearly visible in the stock market. On Monday Tata steel The shares fell 1.84% to close at ₹ 177. Investors are concerned that if the company does not get relief from the court, then there may be further pressure on the stock. Market experts say that such a big financial claim can affect the balance sheet of the company. If the matter is stretched longer or the Tata Steel has to take any kind of financial responsibility, then there may be a huge decline in the stock.
The company said- there is no mistake, demand baseless
At the same time, Tata Steel has completely rejected the allegations of the government. The company says that it did not violate the rules and this demand of the government is legally wrong. The company said that many things are not clear in the agreement and rule under which this demand has been made, and no such basis is made that such a huge amount should be collected. Tata Steel says that she will soon knock on the door of the court regarding this matter.
There has been a dispute before
This is not the first time this has happened. Tata Steel also received a similar notice of ₹ 1,902.72 crore from the government last year. Then the company filed a case in the Orissa High Court. The court had stopped the government from doing any kind of force, giving interim relief to the company. This relief continues till the next hearing. Now the company is preparing to take a legal path in this new case in the same way.
Why is the government asking for so much money?
There was an agreement between Tata Steel and the government, which is called Mine Development and Production Agreement (MDPA). According to this, the company has to take out a fixed amount of chrome ore every year. The government says that less than the fixed quantity was sent this year, which caused damage to the government treasury. On this basis, the government has decided to recover the amount according to the sales and to confiscate the security.