Coalgate Scam
What is Coalgate scam?
Coalgate is a name given to the scam in India where the CAG has reported allocation of coal blocks in the country to business companies without recommendation of the appropriate agencies by the congress led UPA government for mining coal as energy resource for investments & profits.
Dr. Manmohan Singh is the Prime Minister since May 2004 and was personally in-charge of the Coal Ministry from November 2006 to May 2009. The average allotment of coal blocks was 3-4 per year until a few years back. But this number shot up drastically to 22-24 during 2006-09 when Dr. Singh was in charge, raising questions about the manner in which these allotments were made. All the allotments were made without protecting the interest of public exchequer, and without following any competitive process.
How much Money involved in Coalgate Scam ?
The CAG has come to the conclusion that the government's decision to not auction 194 coal blocks between 2004 and 2011 meant that the country lost a huge amount in revenue. The figure was initially believed to be more than Rs 10 lakh crore, but the CAG chose to keep PSUs out of its final report, bringing the figure down to Rs 1,86,000 crores.
The CAG feels the loss could have been avoided, or at least have been lower, as the procedure for auction of the precious natural resource could easily have been put in place by 2006. The failure to do so meant that 25 firms, including Essar Power, Hindalco, Tata Steel, Tata Power and Jindal Steel and Power, received a windfall through coal blocks on nomination basis, instead of competitive bidding.
Who were involved in coalgate scam ?
( Congress Prime Minister Manmohan Singh
( Ahmed Patel (Political Sec to Sonia Gandhi, UPA Chairperson)
( Naveen Jindal (Congress MP)
( Subodh Kant Sahai (Congress Minister of Tourism)
( Dasari Narayan Rao (Congress Minister of stae for Coal )
( Rajendra Darda (Congress Minister of Education in Maharashtra Govt)
( Vijay Darda (MP,
Coalgate is a name given to the scam in India where the CAG has reported allocation of coal blocks in the country to business companies without recommendation of the appropriate agencies by the congress led UPA government for mining coal as energy resource for investments & profits.
Dr. Manmohan Singh is the Prime Minister since May 2004 and was personally in-charge of the Coal Ministry from November 2006 to May 2009. The average allotment of coal blocks was 3-4 per year until a few years back. But this number shot up drastically to 22-24 during 2006-09 when Dr. Singh was in charge, raising questions about the manner in which these allotments were made. All the allotments were made without protecting the interest of public exchequer, and without following any competitive process.
How much Money involved in Coalgate Scam ?
The CAG has come to the conclusion that the government's decision to not auction 194 coal blocks between 2004 and 2011 meant that the country lost a huge amount in revenue. The figure was initially believed to be more than Rs 10 lakh crore, but the CAG chose to keep PSUs out of its final report, bringing the figure down to Rs 1,86,000 crores.
The CAG feels the loss could have been avoided, or at least have been lower, as the procedure for auction of the precious natural resource could easily have been put in place by 2006. The failure to do so meant that 25 firms, including Essar Power, Hindalco, Tata Steel, Tata Power and Jindal Steel and Power, received a windfall through coal blocks on nomination basis, instead of competitive bidding.
Who were involved in coalgate scam ?
( Congress Prime Minister Manmohan Singh
( Ahmed Patel (Political Sec to Sonia Gandhi, UPA Chairperson)
( Naveen Jindal (Congress MP)
( Subodh Kant Sahai (Congress Minister of Tourism)
( Dasari Narayan Rao (Congress Minister of stae for Coal )
( Rajendra Darda (Congress Minister of Education in Maharashtra Govt)
( Vijay Darda (MP,