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...

South Korean Steel maker Posco may have to start its bid to enter India from scratch, letting six years of preparatory work go to waste. A top tribunal has cancelled environmental approvals given by the government last year for the company’s $12 billion (around Rs61,440 crore today) Steel plant in Orissa and ordered that the environment ministry review the entire project afresh. The tribunal said environmental clearances have been accorded in...

The Comptroller and Auditor-General of India has found that the Naveen Patnaik government has ‘misused' the Land Acquisition Act for acquiring land for several big industrial projects, including the proposed mega Steel plant by South Korean Steel major Posco. “Emergency Provisions of Section 17 (4) were misused and applied arbitrarily even without indicating detailed justification for the same and without fulfilment of prescribed conditions,” the CAG has stated. The CAG report was...

The Bengal government is set to grant a never-before concession to developers of township projects, under which government companies will be allowed to hold and lease out land in excess of ceiling without prior permission. However, no activity other than real estate development is being allowed such flexibility despite industry complaining about difficulties involving land. “It seems the (amendment) proposal is highly lopsided. Does the government think only township development would be...

Korean Steelmaker Posco’s bid to build a 12 million tone integrated Steel complex in Jagatsinghpur, Orissa received a major jolt today after a two-judge bench of the National Green Tribunal suspended the environment clearance granted to the project in January 2011.   "The environment clearance granted on January 31, 2011 to the project shall remain suspended till such review and appraisal is done by the ministry," a bench of tribunal comprising Justice...