The CAG report, leaked to the press in March as a draft and tabled in Parliament in August, is a. Government auditor CAG on Friday said private firms are likely to gain Rs lakh crore from coal blocks that were allocated to them on. Overview. Coal is the most important indigenous source of energy for Indian economy with a geological reserve of 2,85, million tonne and.
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The government had formed the IMG last year to review the progress of coal blocks allocated to firms for captive use and recommend action, including de-allocation.
The Draft Report, stretching to over pages—far more detailed and containing more explosive allegations than the toned-down Ob Report of some 50 pages—was the document that sparked the Coalgate furor. The Mine Plan approval letter is pending for issuance with Ministry of Coal for more than six months,” the company said.
What is coal scam?
In a shocking revelation that may give embarrassment to the ruling establishment, the Comptroller and Auditor General CAG on Friday tabled its reports on three crucial sectors including coal block allocation, Delhi International Airport and ultra mega power project, claiming a total loss of over Rs 2. Activist lawyer Prashant Bhushan, sought creation of a special investigation team to probe the case as it involved “very powerful personalities in the present government who were either in charge of the allocation process or who influenced the process to get allocation to their favoured entities”.
Therefore, aggregating the purported financial gains to private parties merely on the basis of the average production costs and sale price of CIL could be highly misleading.
Views Read Edit View history. Over the course ofhowever, the question of corruption has come to dominate the discussion. In its reply, the Coal Ministry said in June that there was a substantial difference between the price of coal supplied by Coal India Ltd CIL and the cost of coal produced through coal blocks allocated for captive mining and as such there was windfall gains to the allocattees, part of which the government wanted to tap through competitive bidding.
Whereas, the CAG report on power had accused the government of favouritism and benefitting companies like Tata and Reliance Power. This matter was referred to the Department of Legal Affairs, which initially opined that amendment to the Coal Mines Nationalisation Act would be necessary for this purpose. Tell us what you didn’t like in the comments. From Wikipedia, the free encyclopedia.
The ministry has been facing intense flak over alleged irregularities in allocation of coal blocks since and the Central Bureau of Investigation CBI is cah investigating the abnormalities and criminal conspiracy in their allotment. The reason why the CVC can interfere is because of this administrative control.
In the meeting the representatives of state governments were opposed to the proposed switch over to competitive bidding. Press Trust of India. The auditing body said it is “of strong opinion that there is a need for strict regulatory and monitoring mechanism to ensure that benefit of cheaper coal is passed on consumers”. Slamming the decision to de-allocate their coal blocks, Jindal Steel and Power and Monnet Ispat and Energy have blamed lack of government approvals and external factors like Naxal activities for not making enough progress in their mines.
CAG report on coal scam: Latest News, Videos and Photos of CAG report on coal scam | Times of India
Showing Results For ” cag report on coalgate “. The CAG report on coal had put the presumptive loss to the government at Rs 1. The most important assertion of the CAG Draft Report is that the Scsm had the legal authority to auction the coal, but chose not allocstion do so. Sriprakash Jaiswal in to dismiss theauditor’s findings as “notional and imaginary”.
This article is closed for comments. Audit has estimated financial gains to the tune of Rs 1.
Accusations ranged from malicious means for securing allocation, overstating net worth, non-disclosure of prior allocation and hoarding rather than the development of allocated resources. Let me humbly submit that, even if we accept CAG’s contention that benefits accrued to private companies, their computations can be questioned on a number of technical points.
Retrieved 26 September At the end of Junecoal ministry decided to form an Inter-Ministerial Group IMGto decide on either de-allocation or forfeiting the Bank Guarantees BG of the companies that did not develop allotted coal blocks. Related Topics National coal. Retrieved 18 September If provision is made for competitive bidding in the Act itself or by virtue of rules framed under the Act the bidding process would definitely placed on a higher level of legal footing.
Lokur and Kurian Joseph directed the CBI to file an affidavit by 6 May regarding the changes that were made in the status report, at whose instance the changes were made, and the effect of these changes on the entire investigation. October Learn how and when to remove this template message.
As such, col were windfall gains to the allottees, part of which the government wanted to tap through competitive bidding. The issue has received massive media reaction and public outrage.
CAG readying another report on coal block irregularities. A special court pulled up the CBI for not repirt the final report in a proper format in a coal scam case involving industrialist and politician Naveen Jindal and others. How long can PM hold on to Ashwani Repprt The coal ministry on Thursday decided to de-allocate 11 captive coal blocks including three mines of Jindal Steel and Power, besides forfeiting the bank guarantees of six firms and asking five to expressly furnish bank guarantees.
The three-judge Bench of Justices R. Ltd, which received coal blocks illegally by means of inflating their financial statements and overriding the legal tender process. They were, however, granted bail on the same day and could now challenge the sentence in High Court. Now, we have got nothing to do with the allocation but if the government wants to take back the allocation it reprt do so.
Indian coal allocation scam
Arun Jaitley on Coalgate 27 Aug They further suggest that in the case of competing applicants for a captive block, a further 10 guidelines may be taken into consideration:.
Is it a sheer coincidence that a large number of beneficiaries were either politicians or their relatives or associates? Naveen Jindal, however, denied any wrongdoing. Government pumps in money but gets meagre returns from PSUs.
The spokesperson of Jindal Steel and Power JSPL said its employees, officials repoft contractors coa assaulted or made hostage many times at the site and equipment were damaged. NewsApp Free Read news as it happens Available on.
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