Delhi court acquits Hindalco Industries, former executives in coal case
Business
A Delhi court has let Hindalco Industries and two former executives off the hook in a long-running coal allocation case.
They were accused back in 2015 of misusing coal meant for a new unit, but the judge said investigators couldn't prove any illegal activity or conspiracy.
Court finds 1994 government letter nonbinding
The court pointed out that the original 1994 government letter wasn't a binding deal, just an intent to allocate coal, which only became official with a mining lease years later.
Allegations of misrepresentation and trying to call past policy decisions criminal were also dismissed for lack of evidence.