scam

the following is the head of the recently formed
Inter-Ministerial Group (IMG) to review the progress of coal blocks that were
allocated to private firms without auction? [A]Zohra Chatterji






“Coalgate”: CAG pulls Govt out of coal scam fire
Mr. Vinod Rai, the CAG held that the media reports on alleged coal scam published in a newspaper are exceedingly
misleading. Quoting CAG, the daily claimed that the government has lost 10.7 lakh crore rupees by not auctioning coal
blocks. Rejecting the claim, the CAG in a letter to Prime Minister Dr. Manmohan Singh said, the details being brought
out were observations which are under discussion at a very preliminary stage.
Leaked reports of a draft by the Comptroller and Auditor General (CAG) pointed to an alleged Rs 10.7-lakh crore
notional loss to the exchequer on coal block allocations, prompting an Opposition outcry. Finance Minister Pranab
Mukherjee also described the CAG’s report as only a draft and not yet a CAG report.
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CAG: Loss of over Rs 1000 Crore to govt in coal block allotment
In a CAG report for 2010-11, the CAG has estimated a loss of over Rs 1000 Crore to the exchequer of Chhattisgarh
government in a faulty allotment of coal blocks to a private company in the state.
As per the report, by allotting coal blocks to a company at an unusually low rate of quote for
32 years in 2008, the Chhattisgarh Mineral Development Corporation incurred a loss of Rs
1,052 Crore. The report also noticed that discrepancies in attaining target by the Chhattisgarh government under half a
dozen of centrally sponsored schemes like Rajiv Gandhi Gramin Vidhutikaran Yojana, JMNURM, AYUSH and
Computerization of the PDS.








Lalit Modi loses libel case, has to pay 90,000 pounds to Chris Cairns
Current Affairs Published on www.gktoday.in from January 1, 2012 to
September 10, 2012
Former New Zealand all-round Cricketer Chris Cairns was relieved after winning a libel suit against
axed IPL Commissioner Lalit Modi, who had accused him of match-fixing. Chris Cairns held the
London High Court’s verdict has lifted a "dark cloud" that has been over him for the past two years.
Modi will have to pay 90,000 pounds (app Rs 73 lakh) in damages to the all-rounder but the
embattled administrator has decided to appeal against the judgement. After hearing the arguments from both sides in
a nine-day trial, Justice David Bean of the London High Court ruled in favour of Cairns.






Rs. 14,000 crore : 2G spectrum auction base price
 For the auctioning of 122 license which were cancelled by the apex court, the central govt has fixed the base
price of Rs. 14,000 crore for 5 MHz of pan-India 2G spectrum in the 1800-MHz GSM.
 The reserve price for 5 MHz of CDMA spectrum: Rs. 18,200 crore, 1.3 times the price of GSM spectrum.
 The government cut the price by $750 million, or roughly Rs. 4,100 crore, off the roughly Rs 18,000-crore base
rpice suggested by the Telecom Regulatory Authority of India (TRAI).








Lalit Modi declared bankrupt
Former IPL commissioner Lalit Modi has been declared bankrupt in a London court over unpaid bills of
£65,000 (Rs 53 lakh approx) owed to a private security firm. Modi owes the Page Group, an international
securities and risk assessment company, fees for services provided in 2010.













1.86 lakh crore is the loss to exchequer in Coal Blocks Allocation
Scam: CAG
As per the audit report of the Comptroller and Auditor General (CAG) of India, allocation of coal blocks without bidding
has caused a huge loss of 1.86 lakh crore to the India’s exchequer.
As per the report, 57 coal blocks that were allocated to private companies during 2004-2009, offered them a windfall
gain of Rs 1.86 lakh crore. The Prime Minister Manmohan Singh has also been brought under examination as he was
holding the charge of Coal Ministry from 2006 to 2009. The CAG report also raised grievous allegations against the
PMO which delayed the fair bidding process for coal blocks despite the clearance from Law and Justice Ministry.
Some of the major beneficiaries of the coal block allocations were Tata Group, Reliance Power, Jindal Power and Steel,
Abhijit Group, Bhushan Group, Electro Steel, OP Jindal Group.
Over past 8 years, 150 coal blocks have been allocated by the govt. During this period Prime Minister Manmohan
Singh, Shibu Soren and Prakash Jaiswal has been at the apex position in the Coal Ministry. The Rs 1.86 lakh rupees
scam has surpassed the 1.7 lakh crore 2G scam, as the biggest scam in the history of India.