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The Supreme Court has refused to intervene in Karnataka’s decision to forfeit ₹128 crore in performance securities linked to JSW Steel’s iron ore mining operations in the state. The forfeiture was initiated after Karnataka’s mines and geology department directed banks to encash the performance-related guarantees, citing an alleged failure to meet the minimum iron ore production requirement from a mine in Chitradurga district.
JSW Steel moved the apex court after it did not get relief from the Karnataka High Court earlier this week. The company argued that the forfeiture direction was issued without giving it an adequate opportunity to be heard. However, the Supreme Court did not grant a stay, effectively allowing the state’s action to continue.
For the steel and mining sector, the ruling signals tougher enforcement of mining lease conditions and production-linked commitments. Companies relying on captive mines may need sharper compliance tracking, documentation, and operational planning to avoid financial penalties that can disrupt raw material security and cost structures.
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