mining regulations

The Supreme Court has formed a five-member high-powered committee to redefine the 'Aravali hills and ranges', dropping the controversial 100m height criterion. This committee will assess the ecological impact of regulated mining and identify areas excluded from protection, aiming to prevent further degradation of the ancient mountain ranges.

The action follows directions issued by minister for natural resources, minerals and mines T K Prabhu based on complaints that several quarries were extracting minerals beyond approved limits and violating environmental norms. Allegations had also surfaced that quarry monitoring mechanisms were not functioning effectively in some areas.

The Enforcement Directorate (ED) has initiated searches against the Vedanta Group as part of a Foreign Exchange Management Act (FEMA) investigation. The action against the mining conglomerate, promoted by Anil Agarwal, commenced on Monday. Further details regarding the ongoing FEMA probe are yet to be disclosed by the central agency.

Sebi has banned Rajesh Mehta, CMD of Rajesh Exports, from dealing in the company's shares pending further orders. The regulator's investigation revealed significant manipulation of accounts, particularly overseas subsidiary revenues, inflating them by an "egregious" 97%-99%. The company also failed to reflect a Rs 1,035 crore investment in African gold mines.

Enforcement Directorate officials conducted searches at multiple Vedanta Ltd locations across Delhi, Mumbai, and Udaipur on Monday. The agency is investigating suspected violations of the Foreign Exchange Management Act (FEMA) concerning brand royalty transactions between Vedanta Resources in the UK and its Indian subsidiary. Vedanta stated it is cooperating fully with the authorities.

Sebi has banned Rajesh Exports chief Rajesh Mehta for allegedly inflating company revenues over several years. The regulator's investigation found significant discrepancies, particularly with its Swiss subsidiary Valcambi SA. Mehta claims a communication gap with Sebi, stating revenues are correct and the business is low-margin.