SC ruled that Natural Resources were the property of the Nation and should be auctioned.
Supreme Court’s ruling that could boost the Central Revenue by Rs 50,000 crore, Supreme Court has rendered infructuous all the applications for allocation of the major mineral mining leases pending with Centre before auction was made sole mode of allotment.
Auction route was created through an amendment to the Mines and Mineral (Development and Regulation) Act last year after SC called the coal block allocations made by UPA Government arbitrary and thus cancelled them.
Apex Court expounded that natural resources are the property of the nation and should be auctioned.
Problem arose when the various High Courts gave conflicting judgments on status of the applications pending with Centre for grant of the mining leases for extraction of the major minerals like iron ore and bauxite.