The Coal Scam: Highlights of CAG Reports

New Delhi: The following are the highlights of The Comptroller and Auditor General of India (CAG) report on coal block allocations which was tabled in parliament Friday:

— Indian exchequer lost Rs.1.85 lakh crore ($37 billion) in arbitrary allotment of coal blocks

— 194 net coal blocks, with aggregate of 44,440 million tonnes coal, were allocated to different government and private parties up to March 31, 2011

— CAG has named 25 major companies as beneficiaries such as Essar Power, Jindal Steel and Power, Hindalco and Tata Power

— CAG has recommended competitive bidding process for coal block allocation to bring about transparency in the process

— Auditor has also suggested the setting up of an empowered group on the lines of the foreign investment promotion board for coal allocation.

-IANS

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