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LATEST NEWS UPDATES | Coal Auction: Independent Analysis Reveals All 42 Companies Violate Norms, Suggests Proper Test -Sumedha Pal

Coal Auction: Independent Analysis Reveals All 42 Companies Violate Norms, Suggests Proper Test -Sumedha Pal

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published Published on Nov 4, 2020   modified Modified on Nov 6, 2020

-Newsclick.in

An assessment by the Environics trust and the Mineral Inheritors Rights Association shows that not even a single company qualifies the fit and proper person test often used by international agencies as a benchmark for a place in the bidding process of natural resources.

For the first time in five decades, India’s coal reserves are up for grabs to private sector bidders. The auction for 38 coal blocks is currently underway. As key corporates are competing to add coal reserves to their list of assets, many activists and environmental experts are sounding alarms to point out their inadequacies to acquire this precious chunk of India’s key natural resource.

An independent assessment by the NGO, Environics Trust and the Mineral Inheritors Rights Association (MIRA) shows that not even a single company qualifies the fit and proper person test often used by international agencies as a benchmark for a place in the bidding process of natural resources.

To ensure the integrity of the bidding process and subsequent allocation of coal blocks, the researchers collected evidence based on reports from regulatory bodies, reliable internet sources, legal findings, and news sources. The study claims that it aimed to evaluate the companies’ credentials from various angles to ensure that national wealth is not handed over to any entity which has a poor track record.

Speaking to NewsClick about it, Saswati Swetlena, Coordinator, MIRA, an association of multiple civil society organisations, said, “The fit person test is crucial to ensure transparency and accountability. In our analysis we factored in several things to hold companies accountable and to see if they are fit to be given such a huge proportion of our resources. These included their financial record, their positions on environmental violations and responsibility towards the affected communities among others.”

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Newsclick.in, 4 November, 2020, https://www.newsclick.in/Coal-Auction-Independent-Analysis-Reveals-42-Companies-Violate-Norms-Suggests-Proper-Test?fbclid=IwAR1M37uHvAOQHNj2LctS0QR3_uPgdD0A2o55BYuqd9io4KqT2QKkj0itdMs


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