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LATEST NEWS UPDATES | IMG report on coal scam likely by Saturday </title>
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-The Times of India
The inter-ministerial group (IMG) reviewing coal block allocations that have been questioned by the federal auditor for being allotted arbitrarily could not complete its proceedings and is expected to meet again on Friday.
The IMG meeting could not..."/>
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-The Times of India
The inter-ministerial group (IMG) reviewing coal block allocations that have been questioned by the federal auditor for being allotted arbitrarily could not complete its proceedings and is expected to meet again on Friday.
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<h1 class="cat-box-title">IMG report on coal scam likely by Saturday</h1>
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Published on</span><span class="text-date"> Sep 13, 2012</span>
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<div align="justify">-The Times of India<br /><br />The inter-ministerial group (IMG) reviewing coal block allocations that have been questioned by the federal auditor for being allotted arbitrarily could not complete its proceedings and is expected to meet again on Friday.<br /><br />The IMG meeting could not complete its case-by-case assessment of 29 blocks allotted to private firms with the response of the private players being considered against the terms they are alleged to have violated.<br /><br />Sources said the panel will try and complete its review of the blocks allotted to private players as well as those given to state-run firms so that a report can be submitted to the coal ministry by September 15. The group will consider options like acting against the bank guarantees and recommending de-allocation of mines.<br /><br />"I am hopeful of receiving the first report by IMG on coal blocks by September 15," coal minister Sriprakash Jaiswal told TOI.<br /><br />The IMG is finding the going tough as it has to deal with a maze of conflicting claims with firms allocated coal blocks arguing that the process of getting clearances is so cumbersome that they cannot be blamed for not starting production. The cases where coal blocks were got through misrepresentation may be the easiest to act against.<br /><br />The government is keen that IMG make its recommendations as this will help the Centre douse some of the heat over Coalgate. There are concerns though raised by the coal, finance, power and law ministries regarding legal and financial aspects of cancelling block allocations on a large scale.<br /><br />There are indications that the group may recommend punitive action of forfeiting bank guarantee of some companies which had failed to meet the milestones. IMG considered the report of the coal controller after having heard representations of 29 private sector allottees, out of a total of 58, which failed to develop the blocks as per schedule.<br /><br />The deadline for IMG to submit its report was set by the coal ministry after huge public outcry over irregularities in allocation of coal mines in the wake of CAG report estimating undue benefits of Rs 1.86 lakh crore to private firms on account of allocation without auction.<br /><br />The group heard private firms such as Tata Steel, Reliance Power, JSW, Grasim Industries, Kesoram Industries, IST Steel & Power, SKS Ispat and Power, Bihar Sponge Iron, among others. <br /></div>
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<br><a href="http://timesofindia.indiatimes.com/india/IMG-report-on-coal-scam-likely-by-Saturday/articleshow/16376281.cms" class="re" target="_blank">The Times of India, 13 September, 2012, http://timesofindia.indiatimes.com/india/IMG-report-on-coal-scam-likely-by-Saturday/articleshow/16376281.cms</a><div class="clear"></div>
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LATEST NEWS UPDATES | IMG report on coal scam likely by Saturday </title>
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The inter-ministerial group (IMG) reviewing coal block allocations that have been questioned by the federal auditor for being allotted arbitrarily could not complete its proceedings and is expected to meet again on Friday.
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The inter-ministerial group (IMG) reviewing coal block allocations that have been questioned by the federal auditor for being allotted arbitrarily could not complete its proceedings and is expected to meet again on Friday.
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<h1 class="cat-box-title">IMG report on coal scam likely by Saturday</h1>
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<div align="justify">-The Times of India<br /><br />The inter-ministerial group (IMG) reviewing coal block allocations that have been questioned by the federal auditor for being allotted arbitrarily could not complete its proceedings and is expected to meet again on Friday.<br /><br />The IMG meeting could not complete its case-by-case assessment of 29 blocks allotted to private firms with the response of the private players being considered against the terms they are alleged to have violated.<br /><br />Sources said the panel will try and complete its review of the blocks allotted to private players as well as those given to state-run firms so that a report can be submitted to the coal ministry by September 15. The group will consider options like acting against the bank guarantees and recommending de-allocation of mines.<br /><br />"I am hopeful of receiving the first report by IMG on coal blocks by September 15," coal minister Sriprakash Jaiswal told TOI.<br /><br />The IMG is finding the going tough as it has to deal with a maze of conflicting claims with firms allocated coal blocks arguing that the process of getting clearances is so cumbersome that they cannot be blamed for not starting production. The cases where coal blocks were got through misrepresentation may be the easiest to act against.<br /><br />The government is keen that IMG make its recommendations as this will help the Centre douse some of the heat over Coalgate. There are concerns though raised by the coal, finance, power and law ministries regarding legal and financial aspects of cancelling block allocations on a large scale.<br /><br />There are indications that the group may recommend punitive action of forfeiting bank guarantee of some companies which had failed to meet the milestones. IMG considered the report of the coal controller after having heard representations of 29 private sector allottees, out of a total of 58, which failed to develop the blocks as per schedule.<br /><br />The deadline for IMG to submit its report was set by the coal ministry after huge public outcry over irregularities in allocation of coal mines in the wake of CAG report estimating undue benefits of Rs 1.86 lakh crore to private firms on account of allocation without auction.<br /><br />The group heard private firms such as Tata Steel, Reliance Power, JSW, Grasim Industries, Kesoram Industries, IST Steel & Power, SKS Ispat and Power, Bihar Sponge Iron, among others. <br /></div>
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<br><a href="http://timesofindia.indiatimes.com/india/IMG-report-on-coal-scam-likely-by-Saturday/articleshow/16376281.cms" class="re" target="_blank">The Times of India, 13 September, 2012, http://timesofindia.indiatimes.com/india/IMG-report-on-coal-scam-likely-by-Saturday/articleshow/16376281.cms</a><div class="clear"></div>
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LATEST NEWS UPDATES | IMG report on coal scam likely by Saturday </title>
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The inter-ministerial group (IMG) reviewing coal block allocations that have been questioned by the federal auditor for being allotted arbitrarily could not complete its proceedings and is expected to meet again on Friday.
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<h1 class="cat-box-title">IMG report on coal scam likely by Saturday</h1>
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<div align="justify">-The Times of India<br /><br />The inter-ministerial group (IMG) reviewing coal block allocations that have been questioned by the federal auditor for being allotted arbitrarily could not complete its proceedings and is expected to meet again on Friday.<br /><br />The IMG meeting could not complete its case-by-case assessment of 29 blocks allotted to private firms with the response of the private players being considered against the terms they are alleged to have violated.<br /><br />Sources said the panel will try and complete its review of the blocks allotted to private players as well as those given to state-run firms so that a report can be submitted to the coal ministry by September 15. The group will consider options like acting against the bank guarantees and recommending de-allocation of mines.<br /><br />"I am hopeful of receiving the first report by IMG on coal blocks by September 15," coal minister Sriprakash Jaiswal told TOI.<br /><br />The IMG is finding the going tough as it has to deal with a maze of conflicting claims with firms allocated coal blocks arguing that the process of getting clearances is so cumbersome that they cannot be blamed for not starting production. The cases where coal blocks were got through misrepresentation may be the easiest to act against.<br /><br />The government is keen that IMG make its recommendations as this will help the Centre douse some of the heat over Coalgate. There are concerns though raised by the coal, finance, power and law ministries regarding legal and financial aspects of cancelling block allocations on a large scale.<br /><br />There are indications that the group may recommend punitive action of forfeiting bank guarantee of some companies which had failed to meet the milestones. IMG considered the report of the coal controller after having heard representations of 29 private sector allottees, out of a total of 58, which failed to develop the blocks as per schedule.<br /><br />The deadline for IMG to submit its report was set by the coal ministry after huge public outcry over irregularities in allocation of coal mines in the wake of CAG report estimating undue benefits of Rs 1.86 lakh crore to private firms on account of allocation without auction.<br /><br />The group heard private firms such as Tata Steel, Reliance Power, JSW, Grasim Industries, Kesoram Industries, IST Steel & Power, SKS Ispat and Power, Bihar Sponge Iron, among others. <br /></div>
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<br><a href="http://timesofindia.indiatimes.com/india/IMG-report-on-coal-scam-likely-by-Saturday/articleshow/16376281.cms" class="re" target="_blank">The Times of India, 13 September, 2012, http://timesofindia.indiatimes.com/india/IMG-report-on-coal-scam-likely-by-Saturday/articleshow/16376281.cms</a><div class="clear"></div>
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LATEST NEWS UPDATES | IMG report on coal scam likely by Saturday
Published on Sep 13, 2012
Modified on Sep 13, 2012
-The Times of India
The inter-ministerial group (IMG) reviewing coal block allocations that have been questioned by the federal auditor for being allotted arbitrarily could not complete its proceedings and is expected to meet again on Friday.
The IMG meeting could not complete its case-by-case assessment of 29 blocks allotted to private firms with the response of the private players being considered against the terms they are alleged to have violated.
Sources said the panel will try and complete its review of the blocks allotted to private players as well as those given to state-run firms so that a report can be submitted to the coal ministry by September 15. The group will consider options like acting against the bank guarantees and recommending de-allocation of mines.
"I am hopeful of receiving the first report by IMG on coal blocks by September 15," coal minister Sriprakash Jaiswal told TOI.
The IMG is finding the going tough as it has to deal with a maze of conflicting claims with firms allocated coal blocks arguing that the process of getting clearances is so cumbersome that they cannot be blamed for not starting production. The cases where coal blocks were got through misrepresentation may be the easiest to act against.
The government is keen that IMG make its recommendations as this will help the Centre douse some of the heat over Coalgate. There are concerns though raised by the coal, finance, power and law ministries regarding legal and financial aspects of cancelling block allocations on a large scale.
There are indications that the group may recommend punitive action of forfeiting bank guarantee of some companies which had failed to meet the milestones. IMG considered the report of the coal controller after having heard representations of 29 private sector allottees, out of a total of 58, which failed to develop the blocks as per schedule.
The deadline for IMG to submit its report was set by the coal ministry after huge public outcry over irregularities in allocation of coal mines in the wake of CAG report estimating undue benefits of Rs 1.86 lakh crore to private firms on account of allocation without auction.
The group heard private firms such as Tata Steel, Reliance Power, JSW, Grasim Industries, Kesoram Industries, IST Steel & Power, SKS Ispat and Power, Bihar Sponge Iron, among others.
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