Coalgate Scam -Insight

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CAG Indicts the Screening committee for a Massive loss to the tune of 1.86 Lakhs Cr! Not surprising the Coal Ministry was handled by none other than Manmohan SIngh  between 2006- 2009!


 * 57 Companies were allocated Coal Mining rights without Auction causing the huge said loss

In May Manmohan Singh said if there is an Iota of truth he would resign! Despite so many facts emerged! Dr Singh is silent on the resigning aspect!
  • Union Coal Minister Shriprakash Jaishwal's relative's are being Probed !Abhijeet group?
  • JSW - Naveen Jindal an MP from Congress was allowed 1/3rd of the Allocation! They even objected to Bidding Process.
  • Congress MP Vijay Darda is being Investigated!
  • Not left behind Nitin also has a lot to answer on his nexus with few Mining Companies where he is being charged of being a Partner with Ajay Sancheti close aide to Nitin and Rajya Sabha Member!
  • In an another block allotted there are rumors that One or more block was given to Nitin Gadhkari's Son! Though on face value this should be treated as rumor till proved otherwise.
  • Though some Names like Prakash Karat, Naveen Patnaik, Vasudara raje are whispered in Central hall it is yet to hit the Media!
Though BJP has refuted these allegations one need to see the veracity only by seeing how soft /hard BJP gonna take UPA in this scandal! APart from the UPA the Government of Chattisgarh, West Bengal , Madyaprades and Uttarakand have benefitted in the Coal block allocation!

Nitin and BJP has a lot to Answer!


 Some of the Corporates named in the Scam are Tata,Jindal, Anil Agarwal, Essar, Adani Arcelor Mittal and Lanco are Main beneficiaries CAG
HIGLIGHTS 
  • Manmohan singh was heading the Coal Ministry as said earlier between 2006-2009
  • Dept. of Legal affairs, Law secretary and Coal secretary pitched in full voice for competitive Bidding
  • PMO was continiously stalling the above in one Pretext or another .
  • CAG was categorical to say the Bidding Process could have been introduced in 2006.
  • Though it was finally amended in 2010. 
  • Unlike 2g which is Presumptive loss Coal scam is real loss! 
Defence from PMO

  • Govt says it was transparent and followed in the same way and there was nothing to hide!
  • Coal India alone could not have met the Demand of the country hence brought in Private players
  • Private Players were needed to speed up Industrialization .
  • We entertained Private players as the then existing laws did not permit Auctions!
  • Changing Policies would take several years ( from just granting to Auctioning?????)
  • Hitting out on CAG that it has jumped Protocol and exceeding the Mandate?  
  • CAG caluclation on loss is wrong!
  • Last BJP run State Govt opposed the proposal of Auctions! (which is partially True)
Worst is there are lots of Similarities between 2G and Coal Scam - Both are similar in sinister web between the Politicians, Corporates. To top it all Many Fly-by Night companies were allotted the Blocks just like 2 G which in-turn sold it on a higher Premium!
Similarity &Difference between 2G and Coalgate Scam watch
28/3/2012

 The then Coal Secretary has revealed today PM should have done more to stop the loot! This startling disclosure comes when team ANNA's demand for special SIT on PMO!

 Though Mr Parakh has not pointed any finger at the PM he has hinted the Various Ministries lobbied for some of the Powerful Corporates where Congressmen had stake! 
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 THe  CAG's draft report titled 'Performance Audit of Coal Block Allocations' says the government has extended "undue benefits", a mind-boggling Rs 10.67 lakh crore, to commercial entities by giving them 155 coal blocks without auction between 2004 and 2009 

 Though the Bill for Auctioning the Coal Blocks intoroduced In but the government did not pass the Bill till 2010 . 

The Union Coal Ministry was made aware as far back as July 2004 that flawed policies that allotted captive coal blocks rather than auctioning them would give unearned “windfall gains” to private parties.



In a comprehensive note on “Competitive Bidding for Allocation of Coal Blocks” placed before then-Minister of State for Coal and Mines Dasari Narayana Rao on July 16, 2004, then Coal Secretary P. C. Parakh pointed out that there was a “substantial difference” between the price of coal supplied by the Coal India Limited and the cost of coal produced through captive mining.


As many as 100 Corporates are involved in this Scam. Some of them includes   Jindal Steel & Power Ltd, Tata Group entities, the Anil Agarwal Group firms, Aditya Birla Group companies, Essar Group's power ventures, Adani Group, Arcelor Mittal India, Lanco Group, Jayaswal Neco, Electro Steel Castings Ltd, Bhushan Power & Steel Ltd and Abhijeet Group.

If readers think this is the end of the story of Coalgate Scam I am truly sorry for the disappointment, there is yet another episode in the making. Atleast the first episode had the blessings of the Government in terms of Giving licences where as the 2nd episode carries a Massive Illegal Coal Mining in the Northeastern States by the same Corporates in collusion with the Governments with no written Agreement how is that for the start! 

Rest assured this Post may stretch longer.........

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