SC stays NGT order of Rs 15 crore fine on Coca Cola bottling unit

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New Delhi, May 24 | The Supreme Court has stayed the National Green Tribunal (NGT) order, imposing Rs 15 crore penalty on a bottling unit of Coca Cola company.

A bench of Justices L. Nageswara Rao, B.R. Gavai, and A.S. Bopanna said: “There shall be stay of operation of the impugned judgment and order dated February 25, 2022 passed by the National Green Tribunal, Principal Bench.. in Original Application No.69 of 2020. I.A. stands disposed of.”

MBL, one of the major manufacturing units of the Coca-Cola company operating out of north India, was saddled with a liability to pay environment compensation to the tune of approximately Rs 15 crore by the NGT.

The tribunal said the bottling plants were working in violation of the environment law of the Central Ground Water Authority (CGWA) as they were functioning without the required NOC to extract the groundwater. The NGT had noted that the environmental compensation, received from project ponents (PPs), should be utilised for recharge of ground water, restoration of environmental damage, etc.

“For this purpose, we constitute a joint committee comprising, MOEF&CC (Ministry of Environment, Forest, and Climate Change), MOJS (Ministry of Jal Shakti), the CPCB (Central Pollution Control Board), the CGWA, the UPGWD (Uttar Pradesh Ground Water Department) and District Magistrates of concerned districts. CPCB and CGWA shall be nodal authorities. Committee shall prepare restoration plan within 2 months, execute the same in next 6 months and submit compliance report to Registrar General, NGT, Principal Bench, New Delhi,” the tribunal had said.

MBL and Varun Beverages challenged the NGT’s order before the apex court.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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