-The Economic Times Government auditor CAG today said it is in the process of finalising its report on Reliance Industries'sKG-D6 gas fields. Refuting allegation by theReliance Industries that it was not given enough time to respond to the audit observations, Comptroller and Auditor General of India Vinod Rai said, "We have given Reliance enough time to respond... it (the CAG report) is in the process of being final". Rai was responding...
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Now, The Oil Stain by Lola Nayar
By exposing its lesser arm, is the petromin hiding bigger sins? Petro Fallout * Murli Deora, who as petroleum minister sought the CAG audit and sanctioned a CVC probe, offers to quit his ministerial post * CBI action reinforces CAG draft report findings blaming DGH for oversight in implementation of production-sharing contracts * Unease in market, as yet another CBI probe into charges of DGH having favoured RIL in its...
More »How India's oil sector is mired in controversies by Ruchika Chitravanshi & Jyoti Mukul
The CBI search at V K Sibal's residence on Friday is likely to bring into the open a number of controversies that have surrounded the office of the directorate general of hydrocarbons (DGH) and the ministry of petroleum and natural gas in the two tenures of the UPA government. The searches were a tipping point in allegations against Sibal, a former director general of hydrocarbons whose tenure started in 2004 under...
More »Hawk On His Perch by Lola Nayar
Vinod Rai’s searing honesty in his job as the country’s CAG has the government in many a bind CAG Catch 1 2G Spectrum, 2010 The CAG audit over a six-year period from 2003 finds loopholes in the implementation of norms, leading to DoT allocating spectrum at 2001 prices. Estimated loss to exchequer: the now-household figure of Rs 1.76 lakh crore. Outcome Former telecom minister A. Raja, MP Kanimozhi, telecom and...
More »Vinod Rai, Comptroller and Auditor General (CAG) of India interviewed by Lola Nayar
The man in the hot seat, the Comptroller and Auditor General (CAG) of India says he’s never faced political pressure on any audit. The man in the hot seat, the Comptroller and Auditor General (CAG) of India, Vinod Rai, says he’s never faced political pressure on any audit. On the 2G scam, he says his report clearly says the “amount of loss can be debated”. And it was the petroleum...
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