Coal reports 'misleading', CAG tells PM

Mar 22, 2012 |

Reuters

New Delhi

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A newspaper report that claimed India lost up to $211 billion in revenue by selling coal deposits too cheaply is 'exceedingly misleading', the Comptroller and Auditor General (CAG)said in a letter published by the prime minister's office on Thursday.

Any unintended benefit to companies in the allocation of coal blocks is not necessarily a loss to the government, a statement from the prime minister's office said, citing a letter from the CAG.

A newspaper reported on Thursday that a leaked draft report from the CAG office criticises the allocation of 155 coalfields to about 100 private and some state-run firms between 2004 and 2009 instead of auctioning them off to the highest bidder.

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