-The Times of India Pointing out that the government extended windfall gains of Rs 1.86 lakh crore to private players by distributing coal blocks without bidding over years, the CAG has said, "A part of this financial gain could have accrued to the national exchequer by operationalizing the decision taken years earlier to introduce competitive bidding for allocation of coal blocks. Therefore, audit is of strong opinion that there is a...
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Seven-and-half years from an opaque to a transparent process for coal allocation
-The Hindu The Comptroller and Auditor-General’s report on the allocation of coal blocks, reviews how it took seven-and-half years to move the allocation procedure for captive coal blocks from a discretionary procedure to competitive bidding that was demonstrably transparent. It turns out that the process began within six weeks of UPA-I coming to power in 2004. Ironically, the amendment to the Mines and Minerals (Development and Regulation) (MMDR) Act rules for auction...
More »Coal: Govt slams Rs. 1.86 lakh cr loss report; BJP asks PM to quit
-The Hindustan Times Rapping the government for its failure to timely implement the competitive bidding mechanism for allocation of coal blocks, CAG on Friday said part of the Rs. 1.86 lakh crore loss could have been partially tapped had the procedure been put in place earlier. In its report, tabled in Parliament, CAG said 25 firms including Essar Power, Hindalco, Tata Steel, Tata Power and Jindal Steel and Power were benefited to...
More »'Coalgate': CAG says private firms gain Rs 1.86 lakh crore in coal block allocation
-PTI Government auditor CAG on Friday said private firms are likely to gain Rs 1.86 lakh crore from coal blocks that were allocated to them on nomination basis instead of competitive bidding, which amounted to the loss to national exchequer. The CAG in its report, tabled in Parliament, names 25 companies including Essar Power, Hindalco, Tata Steel, Tata Power and Jindal Steel and Power which have got the blocks in various states. "Delay...
More »New scheme for tribals on the anvil
-PTI In a bid to end exploitation of tribals, Government on Wednesday said it is formulating a scheme to ensure they get fair and remunerative prices for forest produce and working towards passage of a law on mines and minerals. Prime Minister Manmohan Singh also said that the government is considering a "new and effective" law to put an end to the "repulsive practice" of manual scavenging and to provide opportunities to...
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