Aug-2012-National

NATIONAL AFFAIRS

Coalgate: CAG report slams Union government on allocation of coal blocks
The Comptroller and Auditor General (CAG) of India, in its report on coal block allocations, has alleged that government’s failure to introduce competitive bidding process in the allocation had caused financial gains of Rs. 1.86 lakh crore to private coal block allottees.

The CAG report, titled “Allocation of Coal Blocks and Augmentation of Coal Production” was tabled in the Parliament on August 17, 2012. It said a part of this financial gain could have come to the government.

“The process of bringing in transparency and objectivity in the allocation process of coal blocks, which commenced from 28 June 2004 got delayed at various stages and the same is yet to materialise (as on February 2012) even after a lapse of seven years,” the report said.

The auditor further rapped the government and said that a part of the lost finances could have accrued to the national exchequer by operationalising the decision taken years earlier, to introduce competitive bidding for allocation of coal blocks.

The loss figure of Rs. 1.86 lakh crore was arrived at by the auditor in respect of 57 open cast or mixed coal mines allocated to private parties. The report names 25 companies that were beneficiaries and include the names such as Essar Power, Jindal Steel and Power, Hindalco, Tata Power, DB Power, Adani Power, CESC, Monnet Ispat, Rungta Mines, Mukund and Tata Steel.

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