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Government to cancel four coal blocks to
private firms
Friday September 14, 2012 11:06:05 AM,
IANS
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New Delhi: The
inter-ministerial group (IMG) on coal block allocations Thursday
recommended de-allocation of four coal blocks allotted to private
companies since they have failed to set up end-use plants.
The IMG also recommended encashment of bank guarantee of three
others for failing to develop their mines within the prescribed
time frame.
The recommendations have been accepted by the government,
according to an official release.
The four blocks are Bramhadih Block allocated to Castron Mining,
Chinora and Warora (Southern Part) Blocks allocated to Fieldmining
and Ispat Ltd and the Lalgarh (North) Block allotted to DOMCO
Smokeless Fuels.
In the case of Utkal B2 Block allocated to Monnet Ispat, the IMG
asked the company to submit bank guarantee amounting to three
years royalty failing which the block will be deallocated.
In case of Marki Mangli-II, III and IV Blocks allocated to Shri
Virangana Steels, the IMG recommended de-allocation and deduction
of bank guarantee.
This is the first recommendation by the IMG ever since controversy
broke out over the allocation of coal blocks after the country's
official auditor in a recent report said the government had lost
up to Rs.186,000 crore ($33.67 billion) by not auctioning the coal
blocks.
The IMG last week met with representatives of 29 firms, which
presented their cases. The committee Wednesday scrutinised cases
of eight firms. It is scheduled to review the rest 23 firms in its
next meeting Friday.
The IMG, composed of bureaucrats from different ministries, is
examining the cases of 58 companies, public and private, who have
failed to meet deadlines for different stages of development of
mines.
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