The Comptroller and Auditor-General has slammed the Narendra Modi government for financial irregularities, particularly for mismanagement of public sector undertakings, resulting in losses of over Rs. 16,000 crore. It has come down heavily on the state-owned Gujarat State Petroleum Corporation (GSPC) for extending “undue benefits” to the Chief Minister's “favoured few,” mainly Adani Energy and Essar Steel companies, which coupled with its poor management and faulty agreements on exploration of oil...

-The Economic Times   The national auditor is expected to stick to its controversial estimate of Rs 10.7 lakh crore as gains accrued to companies due to allocation of coal blocks on government discretion instead of auctioning them, an official in the Comptroller and Auditor General's (CAG) office said.  This is set to further embarrass the UPA government that has been mired in a series of controversies. "The report is not yet final,...

A global scramble for land and mineral resources fuelled by billions of investment dollars is threatening the last remaining wilderness and critical ecosystems, destroying communities and contaminating huge volumes of fresh water, warned environmental groups in London Wednesday. No national park, delicate ecosystem or community is off limits in the voracious hunt for valuable metals, minerals and fossil fuels, said the Gaia Foundation’s report, "Opening Pandora's Box". The intensity of the...

The government's auditor has accused Mukesh Ambani's Reliance Industries Ltd of violating terms of the contract for its showcase Andhra offshore acreage and expressed doubt over the costs at which India's biggest private sector oil company contracted goods and services for bringing the largest gas discovery into production. The Comptroller and Auditor General's final report on a special audit of Reliance's Krishna-Godavari basin fields, presented to Parliament on Thursday, also suggests...

-The Times of India   What prompted the Comptroller and Auditor General from not quantifying the losses to the exchequer in the KG Basin contract and Air India decisions may never be known. But from the way the federal auditor conducted itself on the day the reports were tabled one thing was clear-- there seems to be a rethink about the posture adopted by the constitutional authority in recent months. From its almost devil-may-care...