Mining industry flags retrospective impact of new auction rules; govt says aim is to curb hoarding

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Officials, however, maintain there is no retrospective applicability of law and penal provisions would apply only to future approvals. "The goal is solely to prevent squatters hoarding natural resources, and free assets up for rebidding," a senior official said, adding that any penalties incurred for earlier delays would be adjusted against the auction premium payable if the final milestone is achieved within the stipulated time frame.