Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

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

MENAFN - Arab News - 11/03/2014
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 its First 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.


 






  MENA News Headlines
 Aug 27 2014 - Kuwait's crude oil exports to China hit 4-month highArab Times
(MENAFN - Arab Times)  BEIJING Aug 26 (KUNA): Kuwait's crude oil exports to China jumped 16.9 percent in July from a year earlier to a four-month high of 1.11 million tons equivalent to around ...

 Aug 27 2014 - Kuwait Energy wants to invest more in IraqMENAFN
(MENAFN) Despite unstable conditions in Iraq, Kuwait Energy announced it is very eager to invest more in the country due to its potential, Arabian Business reported.The company said that most of ...

 Aug 27 2014 - Saudi CPC buys Qalaa's Egyptian Sphinx GlassMENAFN
(MENAFN) Construction Products Holding Company (CPC) is set to buy Sphinx Glass from Qalaa Holdings, with the value of USD 181.29 million, Saudi Gazette reported.Saudi CPC made the deal in order to ...

 Aug 27 2014 - Qatar- Summary of Local News Released TuesdayQatar News Agency
A summary of local news released Tuesday by Qatar News Agency. - HE Foreign Minister's Assistant for International Cooperation Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani conferred ...

 Aug 27 2014 - Qatar- Summary of Local News Released Tuesday - 1-Qatar News Agency
- The Ministry of Development Planning and Statistics have released preliminary figures of the value of exports domestic goods, re-exports and imports for July 2014. A short analysis of the data is ...

 Aug 27 2014 - Retail sector in Dubai to hit USD41b in 2014MENAFN
(MENAFN) According to a recent report by Colliers International, spending in Dubai"s retail sector is expected to hit USD41 billion by the end of 2014, Arabian Business reported.The report states ...

 Aug 27 2014 - Algeria plans to raise state budget 16 percent in 2015MENAFN
(MENAFN) Algeria plans to increase state spending by 16 percent in 2015, thus pushing up its deficit to 22 percent of gross domestic product (GDP) despite declining energy earnings, Khaleeji Times ...

 Aug 27 2014 - UAE to boost economic ties with IndiaMENAFN
(MENAFN) Mattar Al Tayer, chairman of the board and executive director of the Roads and Transport Authority (RTA), focused on the value of the economic ties between UAE and India, Khaleej Times ...

 Aug 27 2014 - Israel Hamas agree to open-ended Gaza cease-fireArab News
(MENAFN - Arab News) GAZA CITY Gaza Strip: Israel and Hamas agreed Tuesday to an open-ended cease-fire halting a seven-week war that killed more than 2200 people the vast majority Palestinians left ...

 Aug 27 2014 - Saudi- Expats 'monopolize' vegetable marketArab News
(MENAFN - Arab News) Several citizens who are regular customers at the Jeddah's vegetable (halaga) market on Kilo 14 have complained that expats are monopolizing business activity at the market ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help