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									     THE ANDHRA PRADESH MINERAL DEVELOPMENT CORPORATION LTD
      Pancom Business Centre, 2nd & 3rd Floors, 8-3-945, Ameerpet
                       Hyderabad - 500 073.

=======================================

MINUTES of the 344th meeting of the Board of Directors of the A. P.
Mineral Development Corporation Ltd held on Wednesday, the 1st
October, 2008 at 11.00 A. M. at the Registered Office of the Corporation
at Pancom Business Centre, 2nd Floor, 8-3-945, Ameerpet, Hyderabad –
500 073.

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PRESENT :

1)      Smt. Y. Srilakshmi, IAS                                  Chairperson

2)      Sri V. D. Rajagopal                                      Vice-Chairman &
                                                                 Managing Director (FAC)

3)      Sri V. D. Rajagopal                                      Director
        Director of Mines & Geology.

4)      Sri A. Dayakar Reddy                                     Director
        Deputy Secretary to Government
        Industries & Commerce Department.

IN ATTENDANCE :

1) Sri K. Ramakrishna                            ..      Executive Director

2) Sri B. Srinivasa Murthy                       ..      Addl. General Manager (F&A)

3) Sri P. R. Krishna Gandhi                      ..      Consultant ( Legal )

4) Sri P. Chandrasekhar Rao                      ..      Addl. General Manager (HRD)

5) Sri A. Anand                                  ..      General Manager (CLA) (FAC)

                                              ***

        The Board meeting proposed to be convened on 30th September,
2008 could not be held as it was subsequently declared as public
holiday, consequent to the sad demise of Sri Sultan Salahuddin Owaisi,
Majlis-e-Ittehadul-Muslimeen ( MIM ) President.                       Therefore the Board
Meeting held on next working day i.e., 01-10-2008.


Item No.1 : To consider grant of leave of absence to the Directors,
                    if any.

                    Leave of absence was granted to Sri Y. Ramakrishna,
                    Additional Secretary to Government, Finance Department.
Item No.2 : To confirm the Minutes of the 343rd meeting of the Board
             of Directors of APMDC held on Friday, the 25th July,
             2008 at 3.30 P. M.
             The Board confirmed the Minutes of the 343rd meeting of the
             Board of Directors of APMDC held on Friday, the 25th July,
             2008.

  Item No.3 : To consider the follow up action taken on the minutes
                of the
                i) 341st meeting of the Board of Directors of APMDC
                    held on 7th May, 2008.
                ii) 342nd meeting of the Board of Directors of APMDC
                    held on 2nd June, 2008.
                iii) Adjourned 342nd meeting of the Board of Directors
                    of APMDC held on 21st June, 2008.
                iv) 343rd meeting of the Board of Directors of APMDC
                    held on 25th July, 2008.
                Noted.

  Item No.4 : To confirm the Circular Resolution dt. 11-09-2008 –
                Reg.
                The Board confirmed the following Resolution which was
                passed by circulation on 11-09-2008.

                “ Resolved that pursuant to Section 166 read with Section
                210      of   the    Companies       Act   1956,   Secretary   to
                Government, Ministry of Corporate Affairs, Govt. of India,
                New Delhi, be and is hereby requested to extend the time
                for holding 47th Annual General Body Meeting of the A. P.
                Mineral Development Corporation Limited by 3 months
                i.e., upto 31st December, 2008 and the Board hereby
                authorize the Vice-Chairman & Managing Director to
                address       to    Secretary   to   Government,    Ministry   of
                Corporate Affairs, Govt. of India, in this regard ”.

  Item No.5 : To consider note on the Earned Leave and Medical
                 Leave    and     implementation     of   Automatic
                 Advancement Scheme to the daily rated employees,
                 who are regularized during 05-07-2005 – Reg.
                 The Board perused the agenda note circulated on the
                 subject together with the Annexures and noted the
                 contents therein.

                 The Board noted that the Corporation regularized the
                 services of 118 daily rated work persons w.e.f. 05-07-
                 2005 and out of 118, there are only 97 on the rolls.
              Further out of 97 work persons, on the basis of ‘ equal
              pay for equal work ’, 83 are working w.e.f. 01-03-1996
              and 14 are working w.e.f. 01-08-2004 on regular scales.

              The Board on detailed deliberations resolved to consider
              Earned Leaves and Medical Leaves and implementation
              of Automatic Advancement Scheme to the :

              i)    83 work persons w.e.f. 01-03-1996 and
              ii)   14 work persons w.e.f. 01-08-2004.

Item No.6 : Implementation of scale of pay to the post of Drivers
             in the Corporation as existing in the Govt. w.e.f. 01-
             07-2007 by sanctioning one increment – Reg.

             The Board perused the agenda note circulated on the
             subject and noted the contents therein.

             The Board noted that in its 341st Meeting held on 07-05-
             2008 agreed to implement the scales of pay to the posts of
             Drivers working in the Corporation on par with the posts
             of Drivers working in the Government.

             The Board on detailed deliberations, keeping in view the
             length of service and dedication in work, accorded
             approval for sanction of one increment and to fix the pay
             at the next higher stage w.e.f. 01-07-2007.


Item No.7 : To consider a note on upgrading the scale of pay of
             Rs.4050-9050/- fixed for the post of Draughtsman to
             the scale of Rs.6505-15025/- as existing in Govt.
             Departments pending receipt of approval from
             Government.

             The Board perused the agenda note circulated on the
             subject together with the Annexures and noted the
             contents therein.

             The Board noted that the scale of pay to the post of
             Draughtsman in the Corporation is

             Rs. 4050 – 100 – 4150 – 110 – 4480 – 115 – 4825 – 125 –
             5200 – 135 – 5605 – 145 – 6040 – 155 – 6505 – 170 -
             7015 – 185 – 7570 – 200 – 8170 – 215 – 8815 – 235 –
             9050/-.
            Further the Board also noted that the scale of pay to the
            post of Draughtsman in other Government Departments
            is as under :

Sl.       Name of the                  Designation          Pay Scale in RPS
No.       Department                                          2005 ( Rs. )

1)    Directorate of Mines Draughtsman                      5470 - 12385
      & Geology

2)    Ground        Water Draughtsman Gr. I                 6505 – 15025
      Department          Draughtsman Gr. II                5470 - 12385

3)    Panchayat          Raj Draughtsman       Spl. Gr.     9285   –   21550
      Engineering            Draughtsman       Gr. I        8815   –   20300
      Department             Draughtsman       Gr. II       6505   –   15025
                             Draughtsman       Gr. III      5470   –   12385

4)    Public Works ( Roads Draughtsman 1st Gr.              8815 – 20300
      &      Buildings   ) Draughtsman 2nd Gr.              6505 – 15025
      Department           Draughtsman 3rd Gr.              5470 - 12385

            The Board noted that the Draughtsmen working in
            Corporation since 12 years have been requesting for
            implementation        of   the   scale    as    existing    in     the
            Government.

            The Board in its 331st Meeting held on 01-06-2006
            accorded approval to examine the cadres which have
            lesser pay scales          compared      to the pay scales in
            Government / DMG.             The Corporation requested the
            Government to accord approval for upgradation of the
            scale of pay Rs.4050-9050 to the scale Rs.6505 – 15025
            as existing in the Government Departments. Meanwhile
            the Unions and the Draughtsmen have been agitating
            repeatedly      and   expressing      their    unhappiness       and
            requesting to implement the pay scale to the post of
            Draughtsmen as existing in the Government.

            The Board on detailed deliberations accorded approval for
            implementation of the scale of pay of Rs.6505 – 170 –
            7015 – 185 – 7570 – 200 – 8170 – 215 – 8815 – 235 –
            9520 – 255 – 10285 – 280 – 11125 – 315 – 2700 – 330 –
            13030 - 360 – 13750 – 425 – 15025/-, to the Draftsman
            as existing in the Government.
Item No.8 : Development of Manganese Mines and establishment
            of Beneficiation Plant in Vizianagaram district in
            Joint Venture – calling for expression of interest –
            Reg.

            The Board perused the agenda note circulated on the
            subject together with the Annexure and noted the
            contents therein.

            The Board noted that the Corporation has filed 7 PL
            applications over 951.68 ha and 2 ML applications over
            87.95 ha for Manganese in Vizianagaram District.         The
            Board further noted that the percentage of Manganese is
            very low and phosphorous, Sulphur Alumina and Silica is
            high which requires beneficiation for improving the
            quality of Manganese.

            The Board noted that in order to develop these deposits
            and establishment of beneficiation plant with private
            participation, a Joint Venture Partner, who have technical
            expertise and rich financial strength is to be identified. In
            the said Joint Venture 11% free ride equity shares are to
            be allotted to the APMDC and bear all expenditure for
            getting PLs / MLs and payment of performance security
            guarantee.   The consideration amount shall be fixed by
            the High Powered Committee.

            On detailed deliberations the Board accorded approval
            and authorized the VC & MD for calling of “ Expression of
            Interest ” for establishment of beneficiation plant under
            Joint Venture with APMDC offering 11% free ride equity,
            to develop the Manganese Mines in Vizianagaram District.


Item No.9 : To consider the proposal of M/s. Pallava Granite
             Industries ( India ) Ltd., for permission to induct one
             more investor and transfer of 36% out of 74% shares
             held by them in M/s. SRAP Minerals Pvt. Ltd., to the
             new Investor, Sri M. Avinash Reddy S/o. Sri M.
             Krishna Reddy.

             The Board perused the agenda note circulated on the
             subject together with the Annexures and noted the
             contents therein.
              The Board on detailed deliberations accorded approval
              for transferring of 36% shares out of 74% held by M/s.
              Pallava Granite Industries ( India ) Ltd., being the
              Investor Company, in SRAP Minerals Pvt. Ltd., Joint
              Venture Company, in favour of Sri M. Avinash Reddy,
              new investor, subject to executing the deed of adherence
              as per proforma circulated.


Item No.10 : To consider fixation of sale price for low grade
                Barytes (C+D+W grade) – Reg.

                The Board perused the agenda note circulated on the
                subject and noted the contents therein.

                On deliberations, the Board accorded approval to fix
                the sale price of low grade Barytes ( C+D+W ) at
                Rs.375/- MT loose Ex-Mangampeta mine / stockyard
                basis exclusive of statutory levies like Royalty, Cess,
                Sales   Tax   etc.,   and   also   Rs.10/-   MT   towards
                development of infrastructure in local areas.


Item No.11 : Black Galaxy Granite in R. L. Puram ( V ),
                 Cheemakurthy ( M ), Prakasm District –
                 Exploitation under Joint Venture – Allotment of
                 Block – Reg.

                 Deferred

Item No.12 : To consider representation of M/s. Anjali Granites,
              Kodad for extension of the contract for working
              Venkataramapuram Black Granite quarry on RCSC
              basis – Reg.

              The Board perused agenda note circulated on the
              subject together with Annexures I & II. The Board noted
              that the performance of M/s Anjali Granites during the
              extended period of 2 years under the agreement dt.
              22.12.03 in Venkataramapuram Black Granite quarry
              lease is satisfactory inspite of the fact that the
              production was affected for 4 months due to cyclonic
              heavy rains and for 7 months there were no despatches
              and also inspite of market fluctuations and various
              other inherent problems.       The Board also noted that
              M/s Anjali granites have invested considerable amounts
               for development of the quarry. The Board further noted
               that M/s Anjali Granites is now paying Rs. 7,000 per
               CBM and the minimum consideration being paid by
               them is Rs. 1,99,500 per month. The Board felt that the
               consideration of Rs. 7,000 per CBM being paid to the
               Corporation after production costs, overheads etc., is
               very reasonable.

               The Board on detailed deliberation resolved to extend
               the raising-cum-sale contract dt. 22.12.2003 with M/s
               Anjali Granites, Kodad for a further period of 2 years i.e.
               from 22.12.2008 to 21.12.2010 subject to the condition
               that they shall agree to increase the consideration
               payable to the Corporation from Rs. 7,000 to Rs.7,500
               per   CBM    and    also   to    increase    the   minimum
               consideration   from    Rs.     1,99,500    per    month   to
               Rs.2,13,750 per month.


Item No.13 : To consider for calling of Expression of Interest for
               Development of various Mineral Deposits in Joint
               Venture with Private Participation – Reg.

               The Board perused the agenda note circulated on the
               subject together with the Annexures and noted the
               contents therein.

               On detailed deliberations the Board authorized the VC &
               MD for calling Expression of Interest for the Minerals
               Lead & Zinc & Dolomite, Colour Granite in Guntur
               District, Managenese in Vizianagaram District, Clay in
               Srikakulam District, Copper Ore and Iron ore in part of
               Khammam and part of Warangal District immediately
               and subsequently for other Minerals and the interests
               received from the parties may be placed before the High
               Powered Committee for selection of the parties and
               fixing the consideration amount. In respect of Iron ore
               Deposits in Khammam and Warangal Districts, and
               Lead, Zinc & Dolomite in Guntur District and other
               minerals meant for setting up of industries, the Board
               desired that the terms and conditions of Expression of
               Interest may be got approved by the Government before
               calling of Expression of Interest.
Item No.14 : To consider a note on payment of fees to Sri Rakesh
              Dwivedi, Sr. Advocate, Supreme Court, and to Sri T.
              V. George, Advocate on Record, Supreme Court, who
              appeared on behalf of the Government.

              The Board perused the agenda note circulated on the
              subject together with the Annexures and noted the
              contents therein.

              The Board accorded approval and authorized the VC &
              MD for payment of fees of Rs.13,86,000/- to Sri Rakesh
              Dwivedi,    Sr.     Advocate,    Supreme      Court    and
              Rs.4,20,000/- to Sri T. V. George, Advocate on Record,
              Supreme Court, as per the directions of the Government
              vide letter No.19550/M.II(1)/07, dt. 29-08-2008.


Item No.15 : To consider proposal to Invite Expressions of
                 Interest for HMBS applied for ML in East Godavari
                 District ( A. P. ) – Regarding.

                 Deferred.

Item No.16 : Note for ratification of action taken with regard to
              payment of Rs.7,00,000/- towards printing 1st and
              2nd issues of A. P. Mineral Bulletin – Reg.

              The Board perused the agenda note circulated on the
              subject and noted the contents therein.

              The Board ratified the action taken by the VC & MD
              having paid Rs.7,00,000/- to the Indian Express Ltd.,
              Printer, for printing of 1st and 2nd issues of A. P. Mineral
              Bulletin.

              The Board accorded approval to fix the rates for
              advertisements from the interested entrepreneurs in the
              A. P. Mineral Bulletin, as under :

                                         Full page    Half page
                                          ( Rs. )      ( Rs. )
              a) Back Cover              40,000           -
              b) Inside Front Cover      30,000           -
              c) Inside Back Cover       25,000           -
              d) Inside pages            20,000       10,000

              The Board further authorized the VC & MD to entrust
              the Publication work to the interested parties who have
              expertise in printing and quote competitive rates.
Item No.17 : Maintenance of departmental mills at M’pet Branch –
              enhancement of repairs charges by 25% based on
              15-12-2004 rates – approval requested – Reg.

              The Board perused the agenda note circulated on the
              subject together with the Annexures and noted the
              contents therein.

              The Board noted that M/s. Sujatha Engineering Works,
              Kodur who has been attending to the repairs to the mills
              at Mangampeta expressed that the rates paid by the
              Corporation are not commensurate with the expenditure
              incurred, since steep increase in material cost, increase
              in labour wages etc., and requested the Corporation to
              enhance the rates by 25% on the rates agreed in the
              year 2004.   The Board further noted that the General
              Manager, Mangampeta justified the enhancement by
              25% over the rates of 2004.

              The Board on detailed deliberation accorded approval
              and authorized VC & MD to enhance the rates by 25%
              over the rates of 2004 for attending to the repairs work
              etc., w.e.f. 01-03-2008, which shall be applicable for a
              period of two years, i.e., upto 28-02-2010.


Item No.18 : Construction of mine office at M’pet Barytes Project
              – tenders – finalized the work done at 10% excess on
              the estimated value. Further extension of mine
              office to facilitate rest shelter and additional toilets
              for workers – approved by VC & MD and ratification –
              Reg.
              The Board perused the agenda note circulated on the
              subject and noted the contents therein.

              The Board ratified the action taken for the expenditure
              of Rs.10,70,460/- for construction of Mine office at
              Mangampeta Barytes Project, and additional amount of
              Rs.3.5 Lakhs towards extension of office to facilitate rest
              shelter and construction of additional toilets.


Item No.19 : To ratify action taken to amend date of commence-
              ment of excavation contract of OB and ore work at
              M’pet by M/s. VLC SCKC JV from 8th August instead
              of 11th August, 2008 under agreement dated 04-07-
              2008.
              The Board perused the agenda note circulated on the
              subject together with the Annexures and noted the
              contents therein.

              The Board noted that the contractor M/s. VLC SCKC JV
              who entered into an agreement on 04-07-2008 for a
              period of five years from 11-08-2008 to 10-08-2013 for
              excavation and removal of overburden and Ore, have
              requested vide his letter 02-08-2008 to permit them to
              commence the work w.e.f. 08-08-2008 as it was
              auspicious day. The Corporation accordingly amended
              the clause in the agreement i.e., the period of contract
              reading as 08-08-2008 to 07-08-2013.

              The Board ratified the action taken by the VC & MD in
              having amended the period “08-08-2008 to 07-08-2013”
              in place of “11-08-2008 to 10-08-2013” in the contract
              dt.04-07-2008 entered by M/s. VLC SCKC JV with
              APMDC.

Item No.20 : The formation of landscape, chain link fencing and
              tree guards for plants Railway Kodur Road divider
              for formation of green belt at a cost of Rs.21.26
              Lakhs.

              The Board perused the agenda note circulated on the
              subject together with the Annexures and noted the
              contents therein.

              The Board rejected the proposal for awarding the work
              of landscape etc., at Mangampet Barytes Project at a
              cost of Rs.21.26 lakhs.

Item No.21 : Approval for the payment of balance amount for the
              final cost of the Interim Geological Report and
              extension of the Bank Guarantee submitted to MoC-
              Reg.

              The Board perused the agenda note circulated on the
              subject together with the Annexures and noted the
              contents therein.

              The Board noted that the CMPDI vide its letter
              No.CMPDI/DG/033.7/842-844,       dt.17   /   21-04-2008
              informed the policy for recovery of cost of exploration
              has since been finalized by them and the final cost of
             exploration in respect of Suliyari Coal block has been
             assessed as Rs.69,33,650/- and they are requested us
             to pay the balance amount of Rs.1,48,284/- as the
             Corporation already paid Rs.67,85,366/-.

             The Board on detailed deliberation accorded approval for
             payment of the balance amount of Rs.1,48,284/- to
             Central Mine Planning & Design Institute Limited,
             Ranchi.

             The Board further noted that the Corporation has
             submitted a Bank Guarantee for Rs.5.81 Crores, valid
             for one ( 1 ) year from 25-10-2007 to the Joint Secretary
             & Coal Controller, Ministry of Coal, Government of
             India, New Delhi and its expiring on 25-10-2008.

             On deliberations the Board accorded approval for
             extension of Bank Guarantee for a further period of one
             ( 1 ) year from 25-10-2008.

             The Board desired to await the decision of the
             Government with regard to calling for expression of
             interest for exploration and development of Suliyari Coal
             block. The Board further desired VC & MD to follow up
             with the GOAP for expeditious decision.

Item No.22 : Rehabilitation and Resettlement of villagers of
                Mangampet who are residing in the vicinity of
                500 mtrs danger zone – Provision of certain basic
                amenities at new RR centers – Transfer of Rs.4.7
                crores as per the District Collector, Kadapa letter
                dated 12-06-2008 – Reg.

                The Board perused the agenda note circulated on the
                subject together with the Annexures and noted the
                contents therein.

                The Board on detailed deliberations authorized the
                VC & MD to pay Rs.4.7 Crores to the District
                Collector, Kadapa for improving the infrastructure
                facilities to be provided for the inhabitants of danger
                zone at the existing R.R. Centres as per the estimates
                prepared   and      submitted   by   Superintendenting
                Engineer, Panchayatraj Department and as per the
                request made by District Collector, Kadapa.
                 The Board perused the Minutes of the Review
                 Meeting held by the Hon’ble Chief Minister of Andhra
                 Pradesh on the pending issues relating to Kadapa
                 District on 16-08-2008 at Hyderabad and noted that
                 the Industries Department is directed to take up the
                 following :

                 “ Directed to take up Rehabilitation and Resettlement
                 for existing rehabilitation villages-1 & 2 and also for
                 the people who are going to be removed in 300 mts.,
                 to 500 mtrs., zone on par with R & R policy of
                 Irrigation projects.

                 The APMDC is directed to take up comprehensive
                 rehabilitation and resettlement of the people removed
                 from Mangampet for barites mining as per the R & R
                 proposals prepared by Collector, Kadapa.

                 Directed the Collector, Kadapa to expedite the
                 shifting of families from 300 to 500 mtrs., zone at the
                 earliest duly resettling them as per Irrigation R & R
                 policy.

                 In the Review Meeting the Secretary to Government,
                 Industries Department has briefed that the youth
                 from Tribal areas brought from Paderu and working
                 in barites Mines were sent back and the local youth
                 will be taken on contract basis duly providing
                 required training to create employment opportunities
                 to local youth ”.


Item No.23 : To consider a note on the budget estimates for the
              year 2008-09 along with the actuals       ( Provisional )
              for 2007-08 – Reg.

              The Board on detailed deliberations accorded approval
              to the budget estimates for the year 2008 – 09 with an
              estimated turnover of Rs.18,601.25 Lakhs with a profit
              of Rs.7,329.92 Lakhs with the capital budget of Rs.120
              Lakhs for new projects and Rs.750.85 Lakhs for on
              going projects.
Item No.24 : To consider the proposal for enhancing the CUBD
                (Clean Usance Bill Discounting) Limits upto Rs.
                60.00 crore for LC negotiations in a year with
                Andhra Bank, Somajiguda – Reg.
                The Board perused the agenda note circulated on the
                subject together with the Annexures and noted the
                contents therein.

                The Board on detailed deliberations authorized the VC
                & MD for enhancing the CUBD ( Clean Usance Bill
                Discounting ) Limits upto Rs.60.00 Crores for LC
                negotiations for a period of one year from the date of
                sanction     by    Andhra   Bank,     Somajiguda         Branch,
                Hyderabad and it will be renewed every year.

Item No.25 : Status regarding finalization of Tenders for sale of A
               grade and B grade Barytes under Tender No. M&S-
               65/BAR-LT/08      opened     on    14-07-2008     -
               Representations received from M/s Gimpex Ltd, M/s
               IBC Ltd and M/s Trimex Industries Ltd for allotment
               of Barytes- Reg.
               The Board perused the agenda note circulated on the
               subject together with the Annexures 1 – 7 and noted the
               contents therein.

               The   Board    on    detailed   deliberations      in    principle
               accorded approval for additional production of 7,50,000
               MTs of Barytes ore ( ROM ) p. a. and to earmark 10% of
               additional production of A grade and B grade Barytes to
               the local industries and to allot the balance 90%
               additional production to M/s. Gimpex, Trimex and IBC
               who   are   regular    buyers     as   well   as   establishing
               beneficiation plants in Joint Venture with the APMDC.
               The Board however desired to refer the matter to the
               Government     for    approval,    particularly,        since   the
               proposal involves earmarking of 10% of the additional
               production of A grade and B grade Barytes to the local
               industries as against 40% as per the G. O. Ms. No.296
               Ind. & Comm. (M.II) Dept., dt. 04-12-2004.

Item No.26 : Calling Expression of Interests to select JVC for the
               Coal Blocks allocated to APGENCO and subsequently
               transferred to APMDC-Reg.
               The Board perused the agenda note circulated on the
               subject and noted the contents therein.
              The Board noted that the APGENCO accepted the
              proposal of APMDC for development of Anisettipalli
              Punukulachilaka and Penagadapa Mine blocks, which
              were allotted to them. APGENCO further informed that
              they require entire coal production of all the 3 blocks to
              meet their requirement.       Out of the total estimated
              reserves of 110.87 Million Tonnes from Penagadapa
              block, they have given consent to Government of Andhra
              Pradesh to spare 25 Million Tonnes to Sitapuram Power
              Ltd., and 30 Million Tonnes for Grasim Industries.

              Subject to approval of the Government, the Board on
              detailed deliberations authorized VC & MD for calling
              “Expression of Interest” form interested parties for
              selection of Joint Venture Partner for development of
              Anisettipalli, Punukulachilaka and Penagadapa Coal
              Mine blocks. The applications received in response to
              Expression of Interest, shall be placed before the High
              Powered Committee already constituted in the case of
              non-power sector Coal blocks for evaluation.

Item No.27 : Expression of Intrest-Reg.
              The Board perused the agenda note circulated on the
              subject and noted the contents therein.

              The   Board   on   detailed   deliberations   rejected   the
              proposal for establishment of explosive depots.

Item No.28 : To ratify action taken in payment of Interim
                 dividend at 16% each for the years 2006-07 and
                 2007 - 08 - Reg.
                 The Board ratified the action taken by the VC & MD
                 in payment of Interim Dividend at 16% for the year
                 2006 – 07 and 2007 – 08 each amounting to
                 Rs.2,01,79,840/-.

Item No.29 : To Consider a note calling for “ Expression of
                Interest” for establishment of Rock Sand Units by
                utilizing the Mining Zone areas in Ranga Reddy
                District- under Joint Venture – Reg.
                Deferred.

Item No.30 : To consider deposit of Rs. 9,69,94,149/- before the
              IInd Addl Chief Judge, City Civil Court, Hyderabad
              in O.S. No 247 of 2002 filed by Sri Vijaya Lakshmi
              Minerals Trading Company.
              The Board perused the agenda note circulated on the
              subject and noted the contents therein.

              The Board noted that the Corporation filed SLP
              No.18886 – 88 of 2008 before Hon’ble Supreme Court of
              India against the order dt.10-06-2008 of Hon’ble High
              Court. The Hon’ble Supreme Court heard the matter on
              13-08-2008, ordered notice to SVLMT and stayed the
              withdrawal of the amount by M/s. Sri Vijaya Lakshmi
              Minerals Trading Company.      The depositing of 50%
              amount i.e., Rs.9,69,94,149/- as ordered by Hon’ble
              High Court in the Lower Court is not stayed, and as
              such the said amount is to be deposited before the II
              Addl. Chief Judge, City Civil Court, Hyd, by APMDC.

              The Board, on detailed deliberations, authorized the VC
              & MD to deposit the amount of Rs.9,69,94,149/-, in the
              Lower Court as ordered by Hon’ble High Court and
              Hon’ble Supreme Court.


Item No.31 : To consider the deposit of Rs. 13,50,546/- in the
               IInd Addl Chief Judge, City Civil Court, Hyderabad
               filed by C. M. Ramanatha Reddy.

               The Board perused the agenda note circulated on the
               subject and noted the contents therein.

               The Board noted that the Corporation filed appeal
               CCCA. No.273 of 2007 before the Division Bench of the
               Hon’ble High Court, against the judgement and decree
               dt.28-03-2007 in O. S. No.290 of 2002 of II A.C.J.,
               CCC, Hyderabad, filed by Sri C. M. Ramanatha Reddy.
               The Hon’ble High Court on 4th October, 2007 stayed
               the execution of the decree on condition of Petitioner
               depositing the entire costs awarded by the II ACJ,
               CCC, Hyderabad within 8 weeks.           Accordingly the
               Corporation deposited the costs of Rs.13,50,546/-.

               Sri C. M. Ramanatha Reddy filed vacate petition before
               the Division Bench of Hon’ble High Court. The Hon’ble
               Court did not grant any order and allowed them to
               withdraw the costs deposited by the Corporation.
Item No.32 : To consider contribution of further share capital of Rs.
               13.00 Lakhs being 26% share in A.P. Tribal Mining
               Company Private Limited a Joint Venture between
               TRICOR and APMDC.
               The Board perused the agenda note circulated on the
               subject and noted the contents therein.

               The Board on detailed deliberations accepted the proposal
               to withdraw payment of further share capital of Rs.13.00
               Lakhs in Joint Venture Company i.e., of A. P. Tribal
               Mining Company Private Limited.

 Item No.33 : To engage the services of M/s Amarchand Mangaldas
                Suresh A Shroff & Co, to appear on behalf of APMDC
                before the Mining Tribunal, Government of India, in
                the Revision Applications filed by M/s Transworld
                Garnet India Limited and Indian Rare Earths Ltd as
                per the request of Bothli Trade AG.
                The Board perused the agenda note circulated on the
                subject and noted the contents therein.

                The Board ratified the action taken by VC & MD in
                engaging the services of M/s. Amarchand Mangaldas
                Suresh A Shroff & Co., Legal Experts, at the request of
                M/s. Bothli Trade AG.      The Board noted that M/s.
                Bothli Trade AG have given an undertaking that all the
                expenses incurred by APMDC in engaging the above
                Legal Firm on behalf of the Corporation in two Revision
                Applications filed by M/s. Transworld Garnet India
                Limited and three Revision Applications filed by Indian
                Rare Earths Ltd., pending before Mining Tribunal
                Government of India, shall be reimbursed.

 Item No.34 : To consider the termination of Memorandum of
                  Understanding dt. 07-07-2000 entered into
                  between APMDC Ltd., and Wolkem India Ltd.,
                  regarding Mining of Calcite Deposit in Karaiguda,
                  Visakhapatnam District.
                  The Board perused the agenda note circulated on the
                  subject and noted the contents therein.

                  The Board noted that M/s. Wolkem India Ltd.,
                  requested the Corporation to terminate the Memoran-
                  dum of Understanding dt. 07-07-2000 and to transfer
                  10,515 equity shares held by Corporation in favour of
          Wolkem India Limited and the nominee directors of the
          Corporation shall resign from the Board of Joint
          Venture Company.

          The Board on detailed deliberations accorded approval
          for termination of MOU dt. 07-07-2000, and to
          transfer the 10,515 free ride equity shares in favour of
          Wolkem India Ltd., and for resignation of the nominee
          Directors of APMDC on obtaining an undertaking from
          M/s. Wolkem India Ltd., that the Corporation is not
          liable for any claims, losses or damages suffered by
          them and they withdraw their earlier letter dt. 18-08-
          2003.

          On obtaining the above undertaking, the Board
          authorized the VC & MD to take all necessary steps to
          put an end to the MoU and transfer the 10,515 Equity
          Shares to M/s. Wolkem India Ltd., which were allotted
          to APMDC free of cost.      Further, all the nominee
          Directors of APMDC shall resign from the Board of
          Wolkem Andhra Mining Pvt. Ltd.,

          The meeting concluded with a vote of thanks to the
          Chairperson.



          Sd/-                               Sd/-
   V. D. RAJAGOPAL                  SMT. Y. SRILAKSHMI
   VICE-CHAIRMAN &                    CHAIRPERSON
MANAGING DIRECTOR (FAC)
            Wolkem India Limited and the nominee directors of the
            Corporation shall resign from the Board of Joint
            Venture Company.

            The Board on detailed deliberations accorded approval
            for termination of MOU dt. 07-07-2000, and to transfer
            the 10,515 free ride equity shares in favour of Wolkem
            India Ltd., and for resignation of the nominee Directors
            of APMDC on obtaining an undertaking from M/s.
            Wolkem India Ltd., that the Corporation is not liable for
            any claims, losses or damages suffered by them and
            they withdraw their earlier letter dt. 18-08-2003.

            On   obtaining   the    above   undertaking,   the   Board
            authorized the VC & MD to take all necessary steps to
            put an end to the MoU and transfer the 10,515 Equity
            Shares to M/s. Wolkem India Ltd., which were allotted
            to APMDC free of cost.          Further, all the nominee
            Directors of APMDC shall resign from the Board of
            Wolkem Andhra Mining Pvt. Ltd.,

           The meeting concluded with a vote of thanks to the
            Chairperson.

             Sd/-                                Sd/-
      V. D. RAJAGOPAL                    SMT. Y. SRILAKSHMI
     VICE-CHAIRMAN &                       CHAIRPERSON
MANAGING DIRECTOR (FAC)

                        // t.c.f.b.o. //


                                          ( A. ANAND )
                                   GENERAL MANAGER ( CLA ) ( FAC )
                                 NOTE




      Draft minutes of the 344th meeting of the Board of Directors of the
A. P. Mineral Development Corporation Limited held on Wednesday, the
1st October, 2008, at 11.00 A. M. are placed below for approval.




                                                      Consultant ( Legal )



      V. C. & M. D. / CHAIRPERSON
   Extract of Minutes of 344th Board Meeting of APMDC held on
                Wednesday, the 1st October, 2008.



Item No.5 : To consider note on the Earned Leave and Medical
              Leave    and     implementation     of   Automatic
              Advancement Scheme to the daily rated employees,
              who are regularized during 05-07-2005 – Reg.

              The Board perused the agenda note circulated on the
              subject together with the Annexures and noted the
              contents therein.

              The Board noted that the Corporation regularized the
              services of 118 daily rated work persons w.e.f. 05-07-
              2005 and out of 118, there are only 97 on the rolls.
              Further out of 97 work persons, on the basis of ‘ equal
              pay for equal work ’, 83 are working w.e.f. 01-03-1996
              and 14 are working w.e.f. 01-08-2004 on regular scales.

              The Board on detailed deliberations resolved to consider
              Earned Leaves and Medical Leaves and implementation
              of Automatic Advancement Scheme to the :

              i)    83 work persons w.e.f. 01-03-1996 and
              ii)   14 work persons w.e.f. 01-08-2004.
Extract of Minutes of 344th Board Meeting of APMDC held on
                Wednesday, the 1st October, 2008.



Item No.6 : Implementation of scale of pay to the post of Drivers
             in the Corporation as existing in the Govt. w.e.f. 01-
             07-2007 by sanctioning one increment – Reg.

             The Board perused the agenda note circulated on the
             subject and noted the contents therein.

             The Board noted that in its 341st Meeting held on 07-05-
             2008 agreed to implement the scales of pay to the posts of
             Drivers working in the Corporation on par with the posts
             of Drivers working in the Government.

             The Board on detailed deliberations, keeping in view the
             length of service and dedication in work, accorded
             approval for sanction of one increment and to fix the pay
             at the next higher stage w.e.f. 01-07-2007.
Extract of Minutes of 344th Board Meeting of APMDC held on
              Wednesday, the 1st October, 2008.



Item No.34 : To consider the termination of Memorandum of
              Understanding dt. 07-07-2000 entered into
              between APMDC Ltd., and Wolkem India Ltd.,
              regarding Mining of Calcite Deposit in Karaiguda,
              Visakhapatnam District.

              The Board perused the agenda note circulated on the
              subject and noted the contents therein.

              The Board noted that M/s. Wolkem India Ltd.,
              requested    the   Corporation    to   terminate    the
              Memorandum of Understanding dt.07-07-2000 and to
              transfer 10,515 equity shares held by Corporation in
              favour of Wolkem India Limited and the nominee
              directors of the Corporation shall resign from the
              Board of Joint Venture Company.

              The Board on detailed deliberations accorded approval
              for termination of MOU dt. 07-07-2000, and to
              transfer the 10,515 free ride equity shares in favour of
              Wolkem India Ltd., and for resignation of the nominee
              Directors of APMDC on obtaining an undertaking from
              M/s. Wolkem India Ltd., that the Corporation is not
              liable for any claims, losses or damages suffered by
              them and they withdraw their earlier letter dt. 18-08-
              2003.

              On obtaining the above undertaking, the Board
              authorized the VC & MD to take all necessary steps to
              put an end to the MoU and transfer the 10,515 Equity
              Shares to M/s. Wolkem India Ltd., which were allotted
              to APMDC free of cost.      Further, all the nominee
              Directors of APMDC shall resign from the Board of
              Wolkem Andhra Mining Pvt. Ltd.,
Extract of Minutes of 344th Board Meeting of APMDC held on
               Wednesday, the 1st October, 2008.

Item No.24 : To consider the proposal for enhancing the CUBD
               (Clean Usance Bill Discounting) Limits upto Rs.
               60.00 crore for LC negotiations in a year with
               Andhra Bank, Somajiguda – Reg.

               The Board perused the agenda note circulated on the
               subject together with the Annexures and noted the
               contents therein.

               The Board on detailed deliberations authorized the VC
               & MD for enhancing the CUBD ( Clean Usance Bill
               Discounting ) Limits upto Rs.60.00 Crores for LC
               negotiations for a period of one year from the date of
               sanction   by   Andhra   Bank,   Somajiguda    Branch,
               Hyderabad and it will be renewed every year.




                                             ( A. ANAND )
                                        General Manager (CLA) (FAC)
Extract of Minutes of 344th Board Meeting of APMDC held on
               Wednesday, the 1st October, 2008.




Item No.31 : To consider the deposit of Rs. 13,50,546/- in the
               IInd Addl Chief Judge, City Civil Court, Hyderabad
               filed by C. M. Ramanatha Reddy.

               The Board perused the agenda note circulated on the
               subject and noted the contents therein.

               The Board noted that the Corporation filed appeal
               CCCA. No.273 of 2007 before the Division Bench of the
               Hon’ble High Court, against the judgement and decree
               dt.28-03-2007 in O. S. No.290 of 2002 of II A.C.J.,
               CCC, Hyderabad, filed by Sri C. M. Ramanatha Reddy.
               The Hon’ble High Court on 4th October, 2007 stayed
               the execution of the decree on condition of Petitioner
               depositing the entire costs awarded by the II ACJ,
               CCC, Hyderabad within 8 weeks.        Accordingly the
               Corporation deposited the costs of Rs.13,50,546/-.

               Sri C. M. Ramanatha Reddy filed vacate petition before
               the Division Bench of Hon’ble High Court. The Hon’ble
               Court did not grant any order and allowed them to
               withdraw the costs deposited by the Corporation.




                                                ( A. ANAND )
                                       General Manager (CLA) (FAC)
Extract of Minutes of 344th Board Meeting of APMDC held on
                Wednesday, the 1st October, 2008.



Item No.14 : To consider a note on payment of fees to Sri Rakesh
              Dwivedi, Sr. Advocate, Supreme Court, and to Sri T.
              V. George, Advocate on Record, Supreme Court, who
              appeared on behalf of the Government.

              The Board perused the agenda note circulated on the
              subject together with the Annexures and noted the
              contents therein.

              The Board accorded approval and authorized the VC &
              MD for payment of fees of Rs.13,86,000/- to Sri Rakesh
              Dwivedi,   Sr.      Advocate,   Supreme    Court   and
              Rs.4,20,000/- to Sri T. V. George, Advocate on Record,
              Supreme Court, as per the directions of the Government
              vide letter No.19550/M.II(1)/07, dt. 29-08-2008.
Extract of Minutes of 344th Board Meeting of APMDC held on
                Wednesday, the 1st October, 2008.



Item No.28 : To ratify action taken in payment of Interim dividend
              at 16% each for the years 2006-07 and 2007 - 08 -
              Reg.

             The Board ratified the action taken by the VC & MD in
             payment of Interim Dividend at 16% for the year 2006 –
             07 and 2007 – 08 each amounting to Rs.2,01,79,840/-.




                                               ( A. ANAND )
                                      General Manager (CLA) (FAC)
Extract of Minutes of 344th Board Meeting of APMDC held on
                Wednesday, the 1st October, 2008.




Item No.30 : To consider deposit of Rs. 9,69,94,149/- before the
             IInd Addl Chief Judge, City Civil Court, Hyderabad in
             O.S. No 247 of 2002 filed by Sri Vijaya Lakshmi
             Minerals Trading Company.

             The Board perused the agenda note circulated on the
             subject and noted the contents therein.

             The Board noted that the Corporation filed SLP No.18886
             – 88 of 2008 before Hon’ble Supreme Court of India
             against the order dt.10-06-2008 of Hon’ble High Court.
             The Hon’ble Supreme Court heard the matter on 13-08-
             2008, ordered notice to SVLMT and stayed the withdrawal
             of the amount by M/s. Sri Vijaya Lakshmi Minerals
             Trading Company.    The depositing of 50% amount i.e.,
             Rs.9,69,94,149/- as ordered by Hon’ble High Court in the
             Lower Court is not stayed, and as such the said amount
             is to be deposited before the II Addl. Chief Judge, City
             Civil Court, Hyd, by APMDC.

             The Board, on detailed deliberations, authorized the VC &
             MD to deposit the amount of Rs.9,69,94,149/-, in the
             Lower Court as ordered by Hon’ble High Court and
             Hon’ble Supreme Court.




                                                 ( A. ANAND )
                                        General Manager (CLA) (FAC)
 Extract of Minutes of 344th Board Meeting of APMDC held on
                  Wednesday, the 1st October, 2008.




Item No.32 : To consider contribution of further share capital of Rs.
              13.00 Lakhs being 26% share in A.P. Tribal Mining
              Company Private Limited a Joint Venture between
              TRICOR and APMDC.

              The Board perused the agenda note circulated on the
              subject and noted the contents therein.

              The Board on detailed deliberations accepted the proposal
              to withdraw payment of further share capital of Rs.13.00
              Lakhs in Joint Venture Company i.e., of A. P. Tribal Mining
              Company Private Limited.




                                                   ( A. ANAND )
                                          General Manager (CLA) (FAC)
Extract of Minutes of 344th Board Meeting of APMDC held on
                Wednesday, the 1st October, 2008.




 Item No.33 : To engage the services of M/s Amarchand Mangaldas
               Suresh A Shroff & Co, to appear on behalf of APMDC
               before the Mining Tribunal, Government of India, in
               the Revision Applications filed by M/s Transworld
               Garnet India Limited and Indian Rare Earths Ltd as
               per the request of Bothli Trade AG.

              The Board perused the agenda note circulated on the
              subject and noted the contents therein.

              The Board ratified the action taken by VC & MD in
              engaging the services of M/s. Amarchand Mangaldas
              Suresh A Shroff & Co., Legal Experts, at the request of
              M/s. Bothli Trade AG.     The Board noted that M/s.
              Bothli Trade AG have given an undertaking that all the
              expenses incurred by APMDC in engaging the above
              Legal Firm on behalf of the Corporation in two Revision
              Applications filed by M/s. Transworld Garnet India
              Limited and three Revision Applications filed by Indian
              Rare Earths Ltd., pending before Mining Tribunal
              Government of India, shall be reimbursed.




                                                ( A. ANAND )
                                       General Manager (CLA) (FAC)
Extract of Minutes of 344th Board Meeting of APMDC held on
                Wednesday, the 1st October, 2008.




Item No.4 : To confirm the Circular Resolution dt. 11-09-2008 –
             Reg.
             The Board confirmed the following Resolution which was
             passed by circulation on 11-09-2008.

             “ Resolved that pursuant to Section 166 read with Section
             210    of   the    Companies       Act   1956,   Secretary   to
             Government, Ministry of Corporate Affairs, Govt. of India,
             New Delhi, be and is hereby requested to extend the time
             for holding 47th Annual General Body Meeting of the A. P.
             Mineral Development Corporation Limited by 3 months
             i.e., upto 31st December, 2008 and the Board hereby
             authorize the Vice-Chairman & Managing Director to
             address     to    Secretary   to   Government,    Ministry   of
             Corporate Affairs, Govt. of India, in this regard ”.




                                                     ( A. ANAND )
                                            General Manager (CLA) (FAC)
Extract of Minutes of 344th Board Meeting of APMDC held on
               Wednesday, the 1st October, 2008.




Item No.33 : To engage the services of M/s Amarchand Mangaldas
              Suresh A Shroff & Co, to appear on behalf of APMDC
              before the Mining Tribunal, Government of India, in
              the Revision Applications filed by M/s Transworld
              Garnet India Limited and Indian Rare Earths Ltd as
              per the request of Bothli Trade AG.
              The Board perused the agenda note circulated on the
              subject and noted the contents therein.

              The Board ratified the action taken by VC & MD in
              engaging the services of M/s. Amarchand Mangaldas
              Suresh A Shroff & Co., Legal Experts, at the request of
              M/s. Bothli Trade AG.     The Board noted that M/s.
              Bothli Trade AG have given an undertaking that all the
              expenses incurred by APMDC in engaging the above
              Legal Firm on behalf of the Corporation in two Revision
              Applications filed by M/s. Transworld Garnet India
              Limited and three Revision Applications filed by Indian
              Rare Earths Ltd., pending before Mining Tribunal
              Government of India, shall be reimbursed.

								
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