Review Petition Order
ORISSAMINE · price
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Awaiting price reaction for this filing.
The Supreme Court of India has dismissed the review petitions filed by OMDC and 3A Capitals Services Limited against the earlier judgment dated 17.05.2024. The court upheld the State of Odisha's rejection of the Kolha-Roida mining lease renewal and confirmed that applications for renewal of Thakurani and Dalki leases stand rejected/dismissed. The company found no justifiable reason to entertain the review, meaning the earlier unfavorable ruling against OMDC is now final. This affects three key mining leases that are central to OMDC's iron ore mining business. With the Supreme Court route exhausted, OMDC's ability to operate these mines is now seriously jeopardized.
This is a major negative outcome for shareholders — the loss of key mining leases (Kolha-Roida, Thakurani, and Dalki) could significantly impact OMDC's future revenue and operations, and is likely to put downward pressure on the stock price.