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 essence of the CAG’s argument is that the Government had the authority to allocate coal blocks by a process of competitive bidding, but chose not to. Thus, using any reasonable discount rate, the Present value of the windfall gain will be dramatically smaller perhaps one tenth of the windfall gain stated in the CAG Report.
The New Indian Express. 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.
The agency has filed 14 FIRs and two preliminary enquiries so far in scandxl connection. Retrieved 6 March Every delay will lend them the contention of equity.
Repory 24 September, Supreme Court of India decided to no out of coal blocks allocated since Monnet, which is also a partner in the block, also echoed the same. He served as the MD of Kerala state co-operative marketing federation from to Archived from the original on 17 September Views Read Edit View history. The issue has received massive media reaction and public outrage.
Quoting the Law Secretary in August Incoal secretary P C Parakh informed PM the potential fraud inherent in the discretionary allocation of the captive coal fields and objected to it in writing.
It said that JSPL had submitted its application for coal block allocation in January to the Coal Ministry for securing few blocks earmarked for power sector, including Amarkonda Murgadangal coal block in Jharkhand for its proposed MW captive power plant to be set up at Patratu.
Hazare postpones press conference to be organized this morning 11 Jun CAG 22 Mar Note also that the figure stated as a windfall gain would in fact accrue to the allocatee over the life of the reserve, which would likely exceed years. The apex court wanted to know not only the steps that have been taken but also proposed against companies that have breached the agreement. Click here to read the full story. During the monsoon session of the Parliament, the BJP protested the Government’s handling of the issue demanding the ecandal of the prime minister and refused to scandao a debate in the Parliament.
Jharkhand Coal Scam: All You Need To Know
Worst fears of power companies come true”. This premise reportt the CAG is flawed. Let us examine why these defences are on shaky ground.
Retrieved 22 March In Marcha draft report of CAG accused the government of “inefficient” allocation of coal blocks between andand estimated the windfall gains to allottees at Rs So much so that he attended a media conclave in New Delhi a few years ago at the risk of angering the Congress leadership, which had boycotted the event, in an assertion of individuality.
Launching an attack on Union Ministers V Narayanasamy and Coxl Jaiswal for pointing fingers at the CAG in 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. Click here to read full column. From Wikipedia, the free encyclopedia. The ministry is preparing to inform the reprot impacted by the decision. Dismissing the charge that it was avoiding discussion in Parliament on coal blocks issue, BJP on Sunday accused the Congress of attempting to “legitimise” corruption by holding such a debate in the House and stuck to its demand for the Prime Minister’s resignation.
The block was allocated on 17 June Alleged scams in India. 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. The Comptroller and Auditor General of India CAG has clarified that a news report saying the government had undervalued coal assets to the tune of Rs The Opposition alleged that the Government violated all norms to give him coal fields.
Retrieved 1 June An inter-ministerial group IMG is reviewing the allocation of 58 coal fields to companies that were issued show-cause notices and will submit a report by 15 September, coal minister Sriprakash Jaiswal said. This article may be in need of reorganization to comply with Wikipedia’s layout guidelines.
Initially, the Government had initiated a proposal to introduce competitive bidding by formulating appropriate rules. Retrieved 14 September They further suggest that in the case of competing applicants for a captive block, a further 10 guidelines may be taken into consideration:.
scandwl UPA partner Rashtriya Janata Dal ‘s leader Premchand Gupta’s sons’ company, new in the steel business applied for a coal block when Premchand Gupta was the Union minister for corporate affairs and secured it about a month after his tenure ended along with that of his government. It is not a cancellation. Therefore, it was decided in this meeting to continue with the allocation of coal blocks through the extant Screening Committee cah till the new competitive bidding procedure became operational.
The Draft Report covers the following topics:. Gupta, former joint secretary in Coal Ministry K.
Coal Scam | Full Coverage
Madhu Koda and HC Gupta in another case pertaining to alleged irregularities in allocation of Amarkonda Murgadangal coal block in Jharkhand. Court then issued summons to the six accused. Retrieved 16 September However, allocztion Ministry of Coal went ahead for allocation of coal blocks through Screening Committee and reprt in September for allocation of 38 coal blocks and continued with this process until The issue has received massive media reaction and public outrage.
After the special court held Koda and two others guilty of cheating and criminal conspiracy today, the sentencing in the case will take place tomorrow.