Mr. S. Vaikundarajan, chairman of VV Minerals which was under scanner for illegal mining to the tune of Rs 96 crore is now declared innocent.
Recently there have been a couple of reports that are inferring that the mining ban implemented in Tamil Nadu for heavy mineral mining may be uplifted in the next month. The ban was put into action last year in August when there were allegations put up against certain private heavy mineral mining companies for mining of wrong minerals.
VV Minerals accused in the illegal sand mining is proven innocent. Mr. S. Vaikundarajan, the owner of VV Minerals, India, was alleged in a beach mineral mining scam in August last year. However, after a detailed investigation by the Indian Bureau of Mines which is a part of the Ministry of Mines it was found that VV Minerals the largest mining manufacturer and exporter of garnet and ilmenite were innocent. The company’s top management includes Mr. Jegatheesan, Mr. J Muthurajan, and Mr. V Subramanian.
R Balaji describes the heavy mineral mining industry’s current scenario in a recent news story on the Hindu Business line. He states that the industry is currently at a standstill because the Government has banned beach mineral mining across the state last year in the month of August, due to some complaints of illegal sand mining.
The government apparently had ordered an enquiry last year but no verdict has been passed yet. VV Minerals, India, the largest heavy mineral mining company in the country is responsible for more than three quarters of the beach mineral mining activity in Tamil Nadu. However, it is shut down because of this ban, resulting in unemployment to over many thousands of people and loss of the nation’s economy.
In a statement given by Mr. V Subramanian, the Managing Partner of VV Minerals, India, he stated that this ban has handicapped the domestic industry. According to his knowledge, the industry contributes to about Rs. 3500 crore in foreign exchange. The State Government is also losing out on annual revenues of Rs. 200 crore in royalty apart from taxes, he said
With the unimaginable losses already suffered by the private companies dealing with heavy mineral mining, they are collectively urging the government to fasten the process of this inquiry and punish only the ones who have done wrong instead of making the entire industry suffer.
VV Minerals is privately owned by Mr. S Vaikundarajan. The top management includes Mr. V. Subramanian, Mr. J Muthurajan and Mr. Jegatheesan.
