-Outlook Partha S. Bhattacharya, who was the chairman and managing director of Coal India Ltd (CIL) between 2006 and 2011, is credited with turning around the PSU. He spoke to Arindam Mukherjee on the heat and dust generated by the CAG report on allocation of coal blocks to private players. Excerpts: * Should the government allow the private sector into coal mining? There is plenty of coal for everyone. We are, at the...
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Firms cashed in on coal blocks by selling stakes before mining -Gaurav Choudhury and Rajesh Ahuja
-The Hindustan Times The coal-block allocation scandal is increasingly looking like a sequel to the 2G spectrum scam as far as the behaviour of the companies involved is concerned. As was with the telecom scam, many of the “coalgate” companies that cornered the government-allocated resource — like the spectrum — have used it to raise money from the market at hefty valuations. Promoters of more than 10 companies are believed to have...
More »Karat favours coal mining through public sector
-The Hindu ‘Competitive bidding would favour private players, give rise to monopolies’ Even as the controversy over the Comptroller and Auditor-General’s (CAG) report on coal blocks allocation that reportedly caused a loss of Rs. 1.86 lakh crore to the national exchequer rages, the Communist Party of India (Marxist) has said coal allocations and mining, in future, should be done through the public sector. In an article in party organ People’s Democracy, party general...
More »‘Opposition-ruled States opposed competitive bidding’
-The Hindu “I seek the indulgence of the House… 3. …I want to assure Hon’ble Members that as the Minister in charge [for a part of the time covered by the report], I take full responsibility for the decisions of the Ministry. I wish to say that any allegations of impropriety are without basis and unsupported by the facts. 10. The observations of the CAG are clearly disputable. 11. The policy of allocation of...
More »PC clarifies on cartoon in FC by KR Sudhaman
-The Financial Chronicle Finance minister P Chidambaram on Monday said neither he nor his colleagues talked about “zero loss” in connection with the CAG report, as inferred in a cartoon in the August 27 edition of Financial Chronicle, and in a report in another daily. The FC cartoon showed him holding a paper that said “zero loss theory”. Chidambaram said the statement is being issued to set the “record straight”, and clarified that...
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