Mines and Minerals (Development and Regulation ) Act,1957
Act No : 67
Section :
Restrictions on the grant of prospecting licences or mining leases.
5. Restrictions on the grant of prospecting licences or mining leases. (1)No prospecting licence or mining lease shall be granted by a State Government to any person unless he- (a) is an Indian national; and (b) satisfies such conditions as may be prescribed: Provided that in respect of any mineral specified in the First Schedule, no prospecting licence or mining lease shall be granted except with the previous approval of the Central Government. Explanation.-For the, purposes of this sub-section, a person shall be deemed to be an Indian national,- (a)in the case of a public company as defined in the Com panies Act, 1956, only if a majority of the directors of the company are citizens of India and not less than sixty per cent of the share capital thereof is held by person-, who are either citizens of India or companies as defined in the said Act; (b)in the case of a private company as defined in the said Act, only if all the members of the company are 'citizens of India; (c)in the case of a firm or other association of individuals, only if all the members of the firm or members of the association are citizens of India; and (d) in the case of an individual only if he is a citizen of India. (2) No mining lease shall be granted by the State Government unless it is satisfied that- (a) there is evidence to show that the area for which the lease is applied for has been prospected earlier and the existence of mineral contents therein has been established: Provided that nothing in this clause shall apply to any area if such area has already been prospected by a Department or an agency of the Government and the existence of mineral contents therein has been established-, (b)there is a mining plan duly approved by the Central Government for the development of mineral deposits in the area concerned. 90
Read All Comments
