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The court has ordered the immediate arrest of all accused in the case, with sentencing scheduled for October 25.
The case involves the illegal transportation of 11,312 metric tonnes of seized ore without permission.
The Special Court found Sail, along with Forest officer Mahesh Biliye and Mallikarjuna Shipping, guilty for their roles in the incident.
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The Central Bureau of Investigation (CBI) had conducted an inquiry into the matter and submitted a charge-sheet.