Coalgate

Jindal Steel's 1.5 billion tonne coalfield in Odisha was among 214 cancelled by the Supreme Court in September, when it ruled the practice of selective allocation was illegal and arbitrary. With nine coalfields taken back, the company has been worst hit by the tougher-than-expected verdict.

Coalgate u-turn: CBI says have proof against Birla, Parakh

In a major u-turn, the Central Bureau of Investigation (CBI), which had on October 21 told the Supreme Court it had no prima facie evidence against industrialist Kumar Mangalam Birla and former coal secretary PC Parakh in the allocation of two coal blocks, has today said it has evidence against the accused, reports CNBC-TV18‘s Ashmit Kumar.

India's coal crunch - Chance to revamp, reallocate, revive

Coal India has a monopoly over coal that is mined for sale. The scandal, dubbed "Coalgate" by the media, concerns concessions sold to steel, cement and power firms to dig up coal for their own use.

How JSPL, Hindalco will fare in worst-case Coalgate penalty

Analysts believe that the worst hit from the ruling will be Jindal Steel and Power (JSPL) and Hindalco. Yet, even after pricing in the worst-case scenarios for both companies, they do not see significant declines for their share prices, which have already taken a serious knock after the initial ruling came out.

Coalgate: Banks to be hit but impact to be clear post Sep 1

The Supreme Court‘s verdict terming allocations of all the 200-plus coal blocks granted between 1993 and 2009 as illegal has raised a quandary over how much of an impact it will have on the financial sector.

UPA pressured me to drop names from CAG reports: Vinod Rai

In remarks damning the previous dispensation, he has also claimed that UPA functionaries had roped in even his colleagues in the IAS, to which he belonged before his appointment as CAG, to persuade him to leave out names.

India to auction three coal blocks; first since Coalgate

The allocation controversy, dubbed "Coalgate", came up in 2012 after an auditor questioned the government's exercise of awarding mining concessions without competitive bidding. The CBI has already launched probes against industrialists and companies.

Centre's nod not needed in court-monitored probe: SC

A three-judge bench headed by Justice R M Lodha cleared the deck for the agency to prosecute bureaucrats allegedly involved in coalgate scam without waiting for the govt's sanction.

Plea in SC seeking PM's affidavit on coal block allocation

The lawyer, who filed an application in the wake of statement by Parakh that the Prime Minister knew of the coal blocks being allocated to companies like Hindalco and he too should be named as a "conspirator" and made an "accused", submitted that Singh must make clear his position.

Don't induce fear psychosis in bureaucracy, say experts

Speaking on the widely deliberated relationship between industrialists and bureaucrats, DK Mittal, former finance secretary and TSR Subramanian, former cabinet secretary say the CBI filing an FIR against Aditya Birla head Kumar Mangalam Birla and PC Parakh, former coal secretary has far reaching negative implications.

India Inc defends KM Birla, slams FIR against him

The CBI registered a case against industrialist KM Birla in connection with alleged irregularities in allocation of coal blocks in 2005.

Coalgate: CBI names KM Birla, NALCO, Hindalco in fresh FIR

FIRs have been filed against Kumar Manglam Birla, NALCO, HINDALCO and former secretary coal PC Parakh. CBI searches are also on in Delhi, Kolkata, Bhubaneswar and Mumbai in connection with the coal scam.

Modi's jibe at Congress, devises new political alphabet

Taking a dig at Congress for corruption in the country, Gujarat Chief Minister Narendra Modi devised a political alphabet ABCD.

Coalgate: CBI differs with Centre on issue of sanction

CBI said there is no requirement of sanction for prosecution in cases where court has either directed investigation or is monitoring investigation of case.

IMG to review coal blocks of cos under CBI scanner

The inter-ministerial group of ministers will review coal blocks of companies that are under the scanner of the Central Bureau of Investigation (CBI).

Greenpeace criticises govt's move to allocate coal blocks

The government's decision to kickstart the process of coal blocks allocation will cause destruction of dense forest areas having tribal villages, endangered species and water bodies, a green NGO claimed today.

Govt allows CBI to probe ex coal secy HC Gupta in Coalgate

In a status report filed by CBI in the scam, the agency said that the coal block allocation during 2006-09 was done without verifying the credentials of companies

PM hints at Cabinet reshuffle

"In all truthfulness, there is no difference of opinion between me and the Congress president," PM Manmohan Singh said.

How FMCG pack looks after Q4 earnings: Nomura analyses

Manish Jain of Nomura India has a bullish view on the food sector for almost two years now. “I would still prefer something like a Nestle over something like Britannia. Nestle has a much wider product portfolio and valuations over there are much better now,” he told CNBC-TV18 in an interview.

IPL spot-fixing a corruption issue: BJP

Bharatiya Janata Party (BJP) leader Rajiv Pratap Rudy said that the spot fixing issue in the Indian Premier League was an issue of corruption and said that it was good that the government was contemplating a law about it.

CBI approaches SC for removing Dutt from probe team

In a three-page application to the Supreme Court to remove Superintendent of Police Vivek Dutt, the Chief Investigator of Coalgate scam, gave details of the circumstances under which Dutt was arrested in a corruption case.

PM must quit for alleged role in Coalgate : BJP

The Bhartiya Janata Party is mounting pressure on Prime Minister, Manmohan Singh to resign from his post after owning responsibility in the tampering of CBI draft report on Coalgate.

Govt to work for passage of pending bills: Chidambaram

With the Lok Sabha passing the Finance Bill and Demands for Grants for various ministries, Government today said it will continue with its efforts for passage of other bills on food security and land acquisition, which are "equally important".

CPI-M for sacking of Law Minister after SC observations

CPI(M) today demanded sacking of Law Minister Ashwani Kumar after Supreme Court observations against the government in the coalgate and asked Prime Minister Manmohan Singh to place facts before the nation.

Coal scam: Left parties want PM to face Parliament

Left parties today termed as "meaningless" the demand for Prime Minister Manmohan Singh's resignation over the coal allocation issue but asked him to face Parliament as he "owes an answer" to the country.