IMG may decide fate of six more coal blocks on Monday

Sep 16, 2012 |

New Delhi

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The Inter Ministerial Group (IMG) on coal blocks will meet on Monday to decide the fate of six more mines allocated to private firms that were issued notices for delaying production.

As of now, the IMG has recommended cancellation of seven coal blocks to the Coal Ministry.

The IMG is currently reviewing coal block allocations.

"The IMG may decide the fate of around six coal blocks in its next meeting scheduled for Monday," an official in the Coal Ministry said.
The official, however, refused to share the name of the blocks which would come for the review in the IMG meeting on Monday.

Last week, the IMG recommended cancellation of coal blocks that include Himachal EMTA Power, JSW Steel, SKS Ispat and Power and Bhushan Steel, among others.

The panel also recommended deduction of Bank Guarantee (BG) in the case of blocks allotted to companies like Gupta Metaliks & Power Ltd & Gupta Coalfields Ltd, Usha martin Ltd and Tata Sponge Iron, among others.

The IMG, however, in its last meeting on Saturday did not recommend deduction of BG or deallocation in the cases of Moher and Moher Amlohri Blocks allotted to Sasan Power Ltd and Pachmo Block allotted to Tata Steel Ltd.

The IMG is scrutinising 29 blocks awarded to private firms out of the total 58 which were given show-cause notices for delays in developing mines.

Some of the blocks recommended for de-allocation find mention in the CAG report, which had recently estimated that undue benefits to the tune of Rs 1.86 lakh crore have been accrued to private firms due to allocation of 57 mines without auction.

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