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Dilip Buildcon falls 2% on imposing fine of Rs 33.78 crore

5 December, 2018 8:47 AM
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Dilip Buildcon falls 2% on imposing fine of Rs 33.78 crore

The company excavated 59,767.55 brass (One brass means 100 cu ft) 'murum' near the village river area.

Shares of Dilip Buildcon fell 2 percent intraday Wednesday after Maharashtra authorities have imposed Rs 33.78 crore fine on Dilip Buildcon for allegedly excavating murum (soft rock) illegally in Beed district.

According to Majalgaon tehsilar N G Zampalwad, DBL was engaged in illegal excavation work during cementing of the Majalgaon-Kej road as part of the Khamgaon-Pandharpur National Highway project stretch.

The company excavated 59,767.55 brass (One brass means 100 cu ft) 'murum' near the village river area, the tehsildar said in the notice issued Sunday.

A complaint was received by the Beed administration, after which Additional District Collector B M Kamble ordered a probe into the matter, an official said.

The Majalgaon tehsil land record inspector examined the site and a report was sent to the Public Works Department.

Based on the report, the company has been asked to pay the hefty fine, the official said.

When contacted, a DBL official said the company has already paid the royalty amount owed by it to the government. He declined to specify how much amount was paid as royalty, adding DBL's legal department will take up the issue with the Beed district administration.

At 14:07 hrs Dilip Buildcon was quoting at Rs 449, down Rs 10.05, or 2.19 percent on the BSE.

Source: moneycontrol.com

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