Monday, September 17, 2012

Deduct bank guarantee of mine given to Hindalco, Tatapower: IMG - NDTVProfit.com

Deduct bank guarantee of mine given to Hindalco, Tatapower: IMG - NDTVProfit.com:

Deduct bank guarantee of mine given to Hindalco, Tatapower: IMG

Press Trust of India | Updated On: September 17, 2012 21:43 (IST)

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Moving ahead with action against erring coal block allottees, the government today decided to deallocate one more mine and deduct bank guarantees of two others even as the ministerial panel recommended forfeiture of bank guarantee of a block allotted to Hindalco and Tata Power.

The decision to deallocate Gourangdih ABC coal block, jointly given to JSW Steel, a company owned by Sajjan Jindal, brother of Congress MP Naveen Jindal and Himachal EMTA was taken on the recommendation of the Inter-Ministerial Group (IMG).

The panel is scrutinising 29 out of 58 cases that were served show cause notices for non-development of mines during prescribed timeline.

"I have approved the IMG's recommendations given on Friday and will take a call on others," Coal Minister Sriprakash Jaiswal said.

The IMG, on Friday had recommended deallocation of the Gourangdih ABC mine, given jointly to JSW Steel and Himachal EMTA, in 2009, having an extractable reserve of 61.54 million tonnes (MT).
With this the total number of blocks approved for deallocation has gone up to five out of total seven recommended by the IMG so far. Government has also approved deducting bank guarantee (BG) in case of five mines out of total eight recommended by the IMG so far.

Meanwhile, the panel decided to recommend deduction of bank guarantee in the case of a mine jointly allotted to Aditya Birla Group's flagship firm Hindalco and Tata Power due to delays in development of the block.

"The IMG today recommended deduction of bank guarantee of Tubed coal block in Jharkhand, allotted to Hindalco and Tata Power in August 2007," an official source told PTI.

The panel could take up only Tubed block for scrutiny today and would meet again tomorrow to scrutinise another six of seven cases, which failed to adhere to the timeframe for developing the mines given to them, sources said.
Story first published on: September 17, 2012 21:40 (IST)

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Coal scandal: CBI says despite admitting to lies, firm went unpunished | NDTV.com

Coal scandal: CBI says despite admitting to lies, firm went unpunished | NDTV.com:
New Delhi: The CBI, which is investigating the giant coal scam, today questioned entrepreneur Arvind Jayaswal, Director AMR Iron and Steel Private Limited, whose company is closely linked to Congress MP Vijay Darda - his son, Devendra, is listed as a director. 
 
In its FIR or formal complaint , the CBI says  says that AMR's directors lied about crucial information in their application for coal blocks-  they inflated the net worth of AMR and did not disclose that the company had already been given five coal blocks. The CBI says that this information was shared later with the junior minister for Coal, but an inquiry did not follow.  Santosh Bagrodia of the Congress was the Minister of State for Coal at the time, and the CBI's statement indicts him without naming him.

AMR and its directors are among five firms -three of them owned by the Jayaswals - who have been accused by the CBI of deliberately misleading the government with incorrect information to corner coal fields.  The Jayaswal family was given ten coal blocks for a maze of companies.  .

The case against AMR relates to coal fields it got in 2008 in Bander in Maharashtra. The  investigating agency says that in September 2008, representatives of AMR met with the Minister of State for Coal and allegedly admitted that they had already been give coal fields.  The CBI says in its complaint that "Public servants in the ministry of coal in pursuance of criminal conspiracy, willfully did not take the enquiry to its logical conclusion, thus allowing undue advantage to AMR Iron & Steel."
 
The CBI has already said that it plans to question bureaucrats who colluded with companies to help them corner coal blocks illegitimately.

While his son, Devendra, is listed in the FIR against AMR Iron and Steel, Congress MP Vijay Darda and his brother  Rajendra who is Maharashtra's Education Minister, have been named in another case of cheating and conspiracy by the CBI --  that of  JLD Yavatmal Energy Limited,  co-owned by the Jayaswals, which bagged the Fatehpur East Coal Block in Chattisgarh.   Mr Darda, who is to be questioned soon, has refuted all allegations against him.

Several Jayaswal companies are in the dock now for misreporting info in their applications, and for failing to develop coal blocks that they were assigned. An inter-ministerial group is examining 58 companies, half of them privately-owned, for failing to hit the milestones laid out in their contracts for the coal fields that they were assigned.
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