Jindal Power's plea for staggered payment of penalty rejected

The Supreme Court on Thursday rejected Jindal Power's application to stagger the payment of a penalty of Rs 1,793 crore through three years, in 36 instalments. The company has to pay the penalty, for illegal mining, by December 31, according to an apex court judgment in September. Now, it is unlikely the companies will be eligible to participate in the coming auction of coal blocks. It had pleaded the financial burden resulting from the penalty would lead to the closure of their plants and affect about 50,000 families.