Indian Metals receives demand notices worth Rs 24.13 crore for alleged excess mining

Indian Metals & Ferro Alloys Ltd. | Ferro & Silica Manganese | Metals & Mining | BSE: 533047 | NSE: IMFA

20 Apr 2018 Evaluate

Indian Metals and Ferro Alloys (IMFA) has received demand notices for alleged excess mining in respect of its Nuasahi and Bangur Chromite Mines amounting to Rs 24.13 crore and is taking appropriate legal advise to determine the future course of action.

The total cumulative demand stands at Rs 122.90 crore taking in conjunction with the earlier notices received in respect of Sukinda and Chingudipal Chromite Mines.

IMFA is a producer of ferro chrome/ferro alloys. The company operates through two segments - Ferro Alloys and Power.

Peers

Company Name	CMP
Nava	566.05
Indian Metal & Ferro	1259.30
Maithan Alloys	1010.65
Indsil Hydro Power	39.65
Shyam CenturyFerrous	4.95
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Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
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SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045

Compliance Officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com	Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com	Telephone: +919860919463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com	Telephone: +919175899463 Address: Same as IA
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