The High Court of Panaji dismissed a petition filed by Vedanta Ltd, seeking directions to resume the auction of the Curpem and Sulcorna Mineral Block-XI. The petition was filed after a technical snag prevented one of the bidding companies from enhancing its offer, leading the government to decide to resume the auction. The court found that the decision to resume the auction was reasonable, fair, and in the public interest. The court held that the company had every opportunity to participate in the auction and that precedence had to be given to public interest over private interest.
The court emphasized that the purpose of the auction was to get the best remunerative price for the state government and to fetch a higher realizable value of the material resources held by the state in trust. The court further stated that there cannot be a vested right in the highest bidder to be declared as the preferred bidder or to be given the Letter of Intent (LOI). The court’s decision upholds the decision-making process as fair, transparent, and in the public interest.
The court’s ruling supports the idea that the ownership and control of mineral resources should be distributed in a way that best serves the common good. The court’s decision is a win for the government and the public, as it ensures that the auction process is fair and that the best possible price is fetched for the mineral resources. For Vedanta Ltd, the court’s decision is a setback, as it prevents the company from getting the preferred bidder award and the LOI. However, the company had every opportunity to participate in the auction and did not have a vested right to be declared the preferred bidder.