Tiger80 Posted August 17, 2012 Posted August 17, 2012 :hatsoff::hatsoff: To the person who is exposing Scams.Is he Narayanswamy?
jairamesh Posted August 17, 2012 Posted August 17, 2012 Latest figure is $33 billion loss for Indian treasury.
superstar Posted August 18, 2012 Posted August 18, 2012 No wonder govt. does not want to dig into black money. Entire govt machinery would have spend time in jail then.
CG Posted August 18, 2012 Posted August 18, 2012 CAG Vinod Rai: An accountant who’s calling government to account.http://economictimes.indiatimes.com/news/politics/nation/cag-vinod-rai-an-accountant-whos-calling-government-to-account/articleshow/15540142.cms?google_editors_picks=true
Crookbond Posted August 18, 2012 Posted August 18, 2012 Just curious, has anyone read the actual CAG report?
Trichromatic Posted August 18, 2012 Posted August 18, 2012 Just curious' date=' has anyone read the actual CAG report?[/quote'] Is it publicly available. CAG reports are generally very long (or extensive).
Crookbond Posted August 18, 2012 Posted August 18, 2012 You can access the report here [1]. Currently, their website seems to be down. But it is quite good. [1] http://saiindia.gov.in/english/home/Our_Products/Audit_Report/Government_Wise/union_audit/recent_reports/union_performance/12_13/Commercial/Report_No_7/Report_No_7.html
jairamesh Posted August 18, 2012 Posted August 18, 2012 You can access the report here [1]. Currently, their website seems to be down. But it is quite good. [1] http://saiindia.gov.in/english/home/Our_Products/Audit_Report/Government_Wise/union_audit/recent_reports/union_performance/12_13/Commercial/Report_No_7/Report_No_7.html Will go through it when their server issues are sorted and when I have more time.
jairamesh Posted August 18, 2012 Posted August 18, 2012 Just curious' date=' has anyone read the actual CAG report?[/quote'] No, will hopefully make some time. But besides the point I wouldn't totally buy into CAG's findings which are based on presumptive prices. I understand what they are trying to achieve, though this has a two way effect. Around 25 companies bought these blocks including some of India's biggest corporates, Reliance, Tata, Essar, Hindalco etc. They might have been given these blocks at below market rates, but at least they would be (and are) far more productive and efficient than the broken elephant that is Coal India. Coal India has done a satisfactory job over the last few years turning itself around and generating profits, but it's still ridiculous with monopoly they have what they could have been. Coal India is (I think) the world's largest coal producer yet it's revenues/profit ratio pales in comparison to it's state counterpart in China. It's poor record of investment in coal mining has led to massive bottlenecks, which has led to India (despite having one of the world's largest coal reserves) importing vast quantities of coal. If anything CAG needs to undertake a massive inquiry into all these state zombies. So now according to CAG, India has lost out on: 2G Scam: $32 billion Coal Blocks Scam: $33 billion Delhi Airport Scam: $5 billion Air India: $1 billion Still awaiting: Power Plant Scams: Delhi CWG: Mumabi Property Scam:
Crookbond Posted August 18, 2012 Posted August 18, 2012 I buy into CAG's findings - no holds barred. Just that I see a few media outlets sensationalizing some "facts". In such events, I find it's better to read & draw interpretations myself rather than acquiring from unreliable sources.
CG Posted August 18, 2012 Posted August 18, 2012 No, will hopefully make some time. But besides the point I wouldn't totally buy into CAG's findings which are based on presumptive prices. I understand what they are trying to achieve, though this has a two way effect. Around 25 companies bought these blocks including some of India's biggest corporates, Reliance, Tata, Essar, Hindalco etc. They might have been given these blocks at below market rates, but at least they would be (and are) far more productive and efficient than the broken elephant that is Coal India. Coal India has done a satisfactory job over the last few years turning itself around and generating profits, but it's still ridiculous with monopoly they have what they could have been. Coal India is (I think) the world's largest coal producer yet it's revenues/profit ratio pales in comparison to it's state counterpart in China. It's poor record of investment in coal mining has led to massive bottlenecks, which has led to India (despite having one of the world's largest coal reserves) importing vast quantities of coal. If anything CAG needs to undertake a massive inquiry into all these state zombies. So now according to CAG, India has lost out on: 2G Scam: $32 billion Coal Blocks Scam: $33 billion Delhi Airport Scam: $5 billion Air India: $1 billion Still awaiting: Power Plant Scams: Delhi CWG: Mumabi Property Scam: coal india has weak profit margins as sell coal and very low prices and incur loss ,:facepalm:. A group of investers even waned to sue coal india for the same. http://www.firstpost.com/business/uk-investor-sues-govt-for-messing-around-with-coal-india-400573.html Regarding private companies like reliance power they are not utilizing the resources they have and increasing prices of power by creating a shortage.
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