The Jharkhand coal scam had hit the headlines in after an audit report by Comptroller and Auditor General of India (CAG) revealed that. The coal allocation scam, popularly known as ‘Coalgate’ in media. At the initial report of CAG only said that the blocks of coal could have been allocated with. The government’s thrust after the coal scam report by the Comptroller and Auditor General of India (CAG) is in the direction of cancelling allocations of coal.
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The allocation of coal sxandal and the previous allotment of 2G spectrum have been the subject of controversy for a while now. Supreme Court of India.
Explained: What is the coal scam all about in which former Jharkhand CM Madhu Koda was held guilty
Slamming the decision to de-allocate their coal blocks, Jindal Steel and Power and Monnet Ispat and Energy have blamed repor of government approvals and external factors like Naxal activities for not making scxndal progress in their mines.
As the opposition paralysed Parliament over the Comptroller and Auditor General of India CAG report on coal block allocations, Prime Minister Manmohan Singh said the government is ready for any discussion and give satisfactory answers to all issues raised.
After the coal scam was reported, Manmohan Singh offered to resign from Prime Minister’s post if found guilty. Coal allocation scam or Coalgate  is a major political scandal concerning the Indian government’s allocation of the nation’s coal deposits to public sector enterprise PSEs and private companies. The government has cancelled the allocation of seven coal fields because the companies delayed mining operations. Retrieved 24 March In three separate reports, quantifying the notional loss to the exchequer at Rs.
These FIRs accuse them of overstating their net worth, failing to disclose prior coal allocations, and hoarding rather than developing coal allocations. Note, these are still huge coal volumes compared to India’s annual production and represent many decades of the actual coal needs of the captive firms. As per the IMG’s recommendations steel maker SAIL is among the five companies to lose bank guarantees for delay in developing allotted blocks.
The Ramchandi block, which has estimated 1. Madhu Koda and HC Gupta in another case pertaining to alleged irregularities in allocation of Amarkonda Murgadangal coal block in Jharkhand. Moreover, the court ordered the government to inform it of reasons for not following the policy of “competitive bidding” for coal block allocation.
CAG REPORT ON COAL BLOCK ALLOCATION PDF
Talking about the to be de-allocated Ramchandi promotional block, he said JSPL’s application for prospecting licence is pending with Odisha government for more than three years and the state government has not yet “executed PL on one pretext or the other in spite of a number of reminders.
Rdport Income Tax Department was also roped in to look into the financial frauds and follow the money trail. Can give satisfactory answers 21 Aug It further ordered the CBI DIRECTOR to file an affidavit by 26 April stating that probe status report filed before it had been vetted sczndal him and its contents were not shared with the political masters and “the same arrangement shall follow in future”. Kropha and former director of Coal Ministry K. December 13, The one big similarity between the two is scahdal starting point of the scam: Businessman Naveen Jindala lawmaker who belongs to the Congress, is not new to controversy or even taking a stance independent of his party.
The BSE Metal index has plunged since reports of irregularities in the allotment of coal mines first appeared in the media on 22 March, causing a loss in market capitalization of around Rs.
The ministry is preparing to inform rport companies impacted by the decision.
But the net effect of having to subsidise the farmer is that the state electricity boards are in a huge financial hole, while blackouts plague the country. Using the principles of finance used to value assets and companies, one scwndal build a strong case why the defence put forward by Chidambaram is incorrect.
Vinod Rai, CAG report in middle of controversy
Ltd and Hindalco Industries Ltd, which had been csandal the Tubed coal block in Jharkhand in Augusttwo officials who attended the meeting said on Monday. In this way, the rights for the use of the coal block ultimately passed on to KSK.
It was further noted that the legislative changes that would be required for the proposed change would require scansal time and the process of allocation of coal blocks for captive mining could not be kept in abeyance for so long given the pressing demand for coal.
Click here to read full edit. Special public prosecutor, judge appointed”. The Times of India. Why the Sancheti deal weakens the BJP’s attack”. For a long time, Prime Minister Manmohan Singh has been held up as an example of an honest leader in a less-than-honest political system.
The beneficiaries include some private companies, as well as some public sector units, in industries such as power, steel and cement. However, the Ministry of Coal went ahead for allocation of coal blocks through Screening Committee and advertised in September for allocation of 38 coal blocks and continued with this process until This premise of the CAG is flawed. On the very next day, Prime Minister’s Office PMO sent a letter to the coal secretary on 6 Februaryrecommending allotment of coal blocks to the company.
The main opposition Bharatiya Janata Party BJP stayed adamant on Wednesday on its demand that Prime Minister Manmohan Singh resign over alleged irregularities kn the allocation of captive coal blocks that, according to the national auditor, may have cost the exchequer Rs. The guidelines for the Screening Committee suggest that preference be given to the power and steel sectors and to large projects within those sectors.
The government is worried that loans given by banks to companies being investigated over irregularities in the allotment of coal mines may turn bad, and has asked them to collate information on such debt. GSIPL also reportt its application dated 10 January to the ministry for its MW cozl power plant in Dumka district in Jharkhand, the CBI said, adding that the allocation letter was issued to the two firms on 17 January In response to the Times of India story there was an uproar in Parliament, with the BJP charging the government with corruption and demanding a court-monitored probe into coal allocations:.
Advocate General, Punjab as the special public prosecutor and Justice Bharat Parashar as repogt judge of the special court that will hear relort case on a day-to-day basis. But, now the new coal scam is Rs Koda and nine others were later granted bail. On September 24,Supreme Court quashed allocation of coal scadal. He requested court to appoint a retired judge and police officer of impeccable integrity to overlook the investigation.
Click here to read full coverage. Launching an attack on Union Ministers V Narayanasamy and Sriprakash Jaiswal for pointing fingers at the CAG scaandal the wake of its new reports rapping the government, BJP on Saturday termed it as a breach of privilege and threatened to take appropriate steps in this regard.