6:11 AM
CBI raids coal block...
already left the company, ihey staned searches at his residence since 6.45 am bin could not gel anything related to the case.
According to CBI. Marki Mangli II. Ill and IV coal blocks were allocated to Shree Virangana Steels Limited based at Nagpur. However. the original owners of the company disposed their equity in the company between 2006-08 to the persons/entities belonging to Lodha Group of Companies based at Mumbai and subsequently the name of the company was changed. It was further alleged that Topworth Urja and Metals Ltd irregularly and purposefully entered into mining lease deeds in the name of Shree Virangana Steels Ltd which no longer existed, despite the fact that the request of the company for change of name was not approved by Ministry of Coal. Although fully aware that the shareholding pattern of the company had changed between 2006-08. the fact of change in the shareholding was allegedly concealed in the affidavit sworn by the Director of the company. The Company also allegedly resorted to excessive mining, without augmenting the capacity of its existing sponge iron plant consumed the coal in their existing sponge iron unit and also substantial part in its 30 MW Captive Power Plant. The CBI had filed two nunc FIRs in coal block allocation scam on March 27. One of ihcm was filed against Nagpur-hascd Central Collieries Company Limited's owner and unknown public servants.The second FIR was filed against the promoter and the director of Delhi-based Prakash Industries and unknown public servants.The scam surfaced after the Comptroller and Auditor General's (CAG) report on coal block allocation estimated a loss of Rs 1.86 lakh crore to the national exchequer owing to large scale irregularities.The CAG named as many as 25 private companies as beneficiaries in the coalgate scam in various states including Essar Power. Hindalco. Tata Power. Tata Steel and Jindal Steel and Power Ltd.
According to CBI. Marki Mangli II. Ill and IV coal blocks were allocated to Shree Virangana Steels Limited based at Nagpur. However. the original owners of the company disposed their equity in the company between 2006-08 to the persons/entities belonging to Lodha Group of Companies based at Mumbai and subsequently the name of the company was changed. It was further alleged that Topworth Urja and Metals Ltd irregularly and purposefully entered into mining lease deeds in the name of Shree Virangana Steels Ltd which no longer existed, despite the fact that the request of the company for change of name was not approved by Ministry of Coal. Although fully aware that the shareholding pattern of the company had changed between 2006-08. the fact of change in the shareholding was allegedly concealed in the affidavit sworn by the Director of the company. The Company also allegedly resorted to excessive mining, without augmenting the capacity of its existing sponge iron plant consumed the coal in their existing sponge iron unit and also substantial part in its 30 MW Captive Power Plant. The CBI had filed two nunc FIRs in coal block allocation scam on March 27. One of ihcm was filed against Nagpur-hascd Central Collieries Company Limited's owner and unknown public servants.The second FIR was filed against the promoter and the director of Delhi-based Prakash Industries and unknown public servants.The scam surfaced after the Comptroller and Auditor General's (CAG) report on coal block allocation estimated a loss of Rs 1.86 lakh crore to the national exchequer owing to large scale irregularities.The CAG named as many as 25 private companies as beneficiaries in the coalgate scam in various states including Essar Power. Hindalco. Tata Power. Tata Steel and Jindal Steel and Power Ltd.
Posted in: News 2014
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