Final CAG report on Coal Block allocation. The final report of the Comptroller and Auditor General of India, which states that there was a likely gain of Rs 22 Mar An initial audit report estimating Rs lakh crore loss to the exchequer on account of allotment of coal blocks during to without. 7 Sep THE ‘COALGATE’ CONTROVERSY. The Comptroller and Auditor General of India (CAG) in its report on ‘Allocation of Coal Blocks and.

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The reason why the CVC can interfere is because of this administrative control. However, considering inflation rate equalling discount rate, the allocatjon calculated reflects the nearly accurate value. Cag report on coal block allocation beneficiaries include some private companies, as well allocayion some public sector units, in industries such as power, steel and cement.

He had also said that the observations of the CAG were disputed. Retrieved 16 September Accusations ranged from malicious means for securing allocation, overstating net worth, non-disclosure of prior allocation and hoarding rather than the development of allocated resources. It recommended deallocation of all blocks where construction had not started and forfeiture of bank guarantees in others.

Lokur and Kurian Joseph directed the CBI to file an affidavit by 6 Cag report on coal block allocation regarding the changes that were made in the status report, at whose instance the changes were made, and cag report on coal block allocation effect of these changes on the entire investigation.

Govt lost Rs It further ordered the CBI DIRECTOR to file an affidavit by 26 April stating that probe status report filed before it had been vetted by him and its contents were not shared with the political masters and “the same arrangement shall follow in future”.

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Repot 22—27 chronicle key correspondence between the Secretary Coalthe Minister of State Coalthe prime minister’s Office, and the Department of Legal Affairs from to Note also that the figure stated as a windfall gain would in fact accrue to the allocatee over the life of the reserve, which would likely exceed years.


UPA partner Rashtriya Janata Dal ‘s leader Premchand Gupta’s sons’ company, new in the steel business applied for a coal block when Premchand Gupta was the Union minister for corporate affairs and secured it about a month after his tenure ended along with that of alloaction government.

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The Screening Committee had been constituted by means of administrative guidelines. Retrieved 27 July Thus, using any reasonable discount rate, the Present value of the windfall gain will be dramatically smaller perhaps one tenth of the windfall gain stated in the CAG Report.

Archived from the original on 4 November Retrieved 18 September However, this was to be done via competitive bidding. The block was allocated on 17 June Despite that CBI has neither filed any chargesheet nor made an arrest.

Indian coal allocation scam – Wikipedia

cag report on coal block allocation Monnet, which is also a partner in the block, also echoed the same.

NewsApp Free Read news as it happens Available on. The JSPL spokesperson said the company’s coal blocks are being de-allocated “despite best efforts made by the company and no fault on part of the company. At least a dozen companies were named in the FIR that resulted in a criminal investigation. A large of allottees of these blocks were issued show cause notices by the IMG to show why they had failed to take the required action to develop these blocks and why action should not be taken against them.

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So while the CAG certainly makes the case that the Government had legal grounds on which to introduce competitive bidding into the coal allocation process, zllocation that there was “no legal impediment” to doing allocqtion perhaps overstates their case. allocxtion

Retrieved 31 May Relort 14 September cial Since, under the current dispensation, the allocation of coal blocks is purely administrative in nature, it was felt that the process of auction through competitive bidding can also be done through such administrative arrangements.

Have you read these stories? The Naveen Jindal Group had allegedly “misrepresented” facts and was shown favour by the Jharkhand Government which dropped other firms from its recommendation for allocation of coal blocks in the state inthe CBI has said in cag report on coal block allocation FIR filed before a court here in Coalgate. The company said it has invested over Rs. Retrieved from ” https: It suggested greater focus on addressing flow problem, or the policy environment that incentivises rent-seeking, than the stock problem.

My saved default Read later Folders rrport with you. Alleged scams in India.