-The Times of India Parliament's standing committee on Coal and Steel has indicted the government for "totally abusing its powers" in allotting coal mines between 1993 and 2010 through the "most non-transparent procedure" to "few fortunate ones for their own benefit". "The government cannot give largesse on its arbitrary discretion or its sweet will," the committee, under the chairmanship of Trinamool Congress MP Kalyan Banerjee, said in its latest report tabled in...
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The fall of Saradha group revives old ghosts of ponzi schemes going bust -Atmadip Ray
-The Economic Times For many, it is a sense of deja vu. Fifteen years ago, the government and India's financial regulators came under fire after hundreds of crores were cleaned up by a few individuals and entities from gullible investors, who were promised fabulous returns from plantation schemes. In the uproar that followed, the government and the regulators sought to palm off the responsibility of regulation of such schemes on each...
More »Orissa to complete procuring land for Posco plant in two weeks
-Bloomberg The entire land could be handed over by June to Posco, which already has about 1,700 acres in its possession Mumbai: Orissa expects to complete procuring land needed forPosco's steel complex in less than two weeks as farmers relinquish their opposition on the proposed $12 billion project. About 200 acres (81 hectares) out of the total 2,700 acres are left to be acquired from local residents, said Satya Kumar Mallick, the administrative...
More »All coal blocks awarded after 1993 illegal: Panel Task force on coal beneficiation to submit its report soon -Sanjay Dutta & Mohua Chatterjee
-The Times of India All coal blocks distributed between 1993 and 2008 were done in an unauthorized manner and allotment of all mines where production is yet to start should be cancelled, the Standing Committee on Coal and Steel has said in its latest report that is slated to be tabled in Parliament on Tuesday. The committee, headed by Trinamool Congress MP Kalyan Banerjee, has also recommended that all "personnel" who have...
More »Court takes on ‘deposit’ firms -Pankaj Sarma
-The Telegraph Guwahati: Gauhati High Court has taken up a suo motu PIL against the Calcutta-based Saradha Group and similar deposit collecting companies for allegedly duping scores of investors in Assam of their hard-earned money. Official sources said the high court recently took up the PIL (15/2013) after taking cognisance of Krishak Mukti Sangram Samiti (KMSS) general secretary and RTI activist Akhil Gogoi's letter to Chief Justice Adarsh Kumar Goel. Akhil had alleged...
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