Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Indian police file first formal charges in ?Coalgate? scam  Join our daily free Newsletter

MENAFN - Arab News - 14/03/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN -Arab News) NEW DELHI: India?s federal police agency filed its first formal charges Monday over alleged wrongdoing in the awarding of coal blocks that the national government auditor says cost the treasury billions of dollars

The laying of charges in what the Indian media has dubbed ?Coalgate? comes less than a week after the ruling Congress party ? buffeted by a string of graft accusations ? announced national elections

A spokesman for the Central Bureau of Investigation (CBI) told AFP the police agency had filed charges against a Navabharat Power Private Ltd, based in south India, and two of its directors

?A case was registered against Navabharat Power Private Ltd,? the CBI official said

A CBI statement on the police agency?s website said the charges involved conspiracy and cheating

The CBI launched its investigations after the government auditor in 2012 accused the Coal Ministry of underpricing coalfields in allocating them to companies and giving away billions of dollars of public money in the process

An ?investigation is continuing? into the role of public servants ?if any? in the case amid allegations they failed to properly scrutinize the coal allocations, the CBI added in the statement

The CBI has initiated close to 20 preliminary investigations against companies and leading industrialists in connection with the coal allocations but Monday?s charges were the first formal ones to be laid

Other companies named in the CBI?s preliminary investigations include Indian industrial heavyweights such as Jindal Steel and Power and Hindalco

All those named by the CBI in itsirst Information Reports or FIRs ? a prelude to a police investigation ? have strongly denied any wrongdoing



Some of the coal mine recipients are alleged to have swiftly sold the allotments for massive profit while others held on them as a resource to be developed

The opposition has alleged kickbacks for the allotments ? made without any transparent, competitive bidding process ? went to the ruling Congress party

The opposition has repeatedly demanded the resignation of Prime Minister Manmohan Singh, who besides being premier, headed the Coal Ministry when many coal allocations were made

Singh has strongly denied opposition accusations of misdeeds

More charges in connection with the probe are expected to be filed before the end of the month

Opposition parties have charged that a flawed and murky government allotment process allowed well-connected businessmen and companies to win rights to undeveloped coalfields for a fraction of their value

?Coalgate? is just one of various corruption scandals to engulf Singh?s government over the past few years

The scandals have cast a dark shadow over the government?s popularity in the elections that the Hindu nationalist opposition Bharatiya Janata Party is tipped to win. The poll results are due in mid-May

Energy-hungry India depends on coal for nearly 60 percent of its fuel. The scandal has slowed allocation of mines to fuel its coal-fired power plants

India has vast coal reserves but difficulties in getting environmental clearances and obtaining land for mining have made the country one of the world?s biggest coal importers.
MENAFN1403201400480000ID1093786857

 


Arab News




  MENA News Headlines
 Jan 17 2017 - In the Papers - Condé Nast, Burberry, Unilever, IkeaProactiveInvestors - UK
(MENAFN - ProactiveInvestors - UK) 08:31 Newspaper Summary The Times Hard Brexit talk leads to 'bloodbath' for sterling: The pound slipped close to its lowest level against the U.S. ...

 Jan 17 2017 - Custodian of the Two Holy Mosques receives former German ChancellorSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Rabi'II 19, 1438, January 17, 2017, SPA -- The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received at Al-Yamamah Palace here today ...

 Jan 17 2017 - Saudi- Custodian of the Two Holy Mosques receives members of Board of Directors of King Salman Social CenterSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Rabi'II 19, 1438, January 17, 2017, SPA -- The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received at Al-Yamamah Palace here today ...

 Jan 17 2017 - Saudi- Minister of Environment, Water and Agriculture receives President of International Fund for Agricultural DevelopmentSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Rabi'II 19, 1438, January 17, 2017, SPA -- The Minister of Environment, Water and Agriculture Engineer Abdulrahman bin Abdulmohsen Al-Fadhli received here today ...

 Jan 17 2017 - 'All my children are ready to sacrifice themselves'Khaleej Times
(MENAFN - Khaleej Times) Al Tunaiji, father of one of the diplomats martyred in Afghanistan, is proud of his son. Abdurrahman Al Tunaiji, father of the martyr, said he is so proud of his son who ...

 Jan 17 2017 - They bid him goodbye with tears and prideKhaleej Times
(MENAFN - Khaleej Times) The martyr was known for his good manners. Grief and tears took over the Emirate of Ras Al Khaimah on Saturday evening as crowds of Emiratis and expatriates flocked to the ...

 Jan 17 2017 - UAE- Sharjah Children Biennial beginsKhaleej Times
(MENAFN - Khaleej Times) SCB features 376 artworks submitted by 785 children from across the world ...

 Jan 17 2017 - UAE- Six injured in Sharjah hot air balloon crashKhaleej Times
(MENAFN - Khaleej Times) An investigation is underway to determine the cause of the accident. Six tourists have been injured in a hot air balloon accident in a Sharjah desert. The tourists are ...

 Jan 17 2017 - Turkish authorities capture main suspect in Istanbul attackSaudi Press Agency
(MENAFN - Saudi Press Agency) Istanbul, Rabi'II 19, 1438, January 17, 2017, SPA -- Turkish police Monday captured the man believed to be responsible for the New Year's Eve attack in Istanbul, which ...

 Jan 17 2017 - Saudi Ambassador to Mexico participates in Nicaragua's President inauguration ceremonySaudi Press Agency
(MENAFN - Saudi Press Agency) Managua, 19 Rabi'II, 1438,January 17, 2017, SPA -- Saudi Ambassador to Mexico and non-resident Ambassador to Nicaragua Hammad bin Ghanem Al-Ruwaili has recently ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help