Coal news and updates

With the Coal Ministry readying for e-auction of coal blocks that were held 'illegal' and cancelled by the Supreme Court in September, Coal Minister Piyush Goyal on Tuesday said those companies convicted in the coal scam would be barred from auction.

 

The apex court in September cancelled 214 coal blocks that were allocated by the government since 1993 to 2010 while allowing the government to take 42 coal blocks that were operational.

 

Taking a firm stand post the coal scam that rocked the nation, the minister said there would be no right of refusal for any company whose blocks were cancelled.

 

Companies convicted in the coal scam will be barred from participating in the coal re-auction, he said.

 

Piyush also informed that the reserive price for the auction would be decided by committee and that decision on private commercial coal mining will be taken in the future.

The Cabinet late Monday night passed an Ordinance that will enable the government to acquire the land of the coal mines along with plants for auction later. 

 

Finance Minister Arun Jaitley informed that the cabinet has recommended promulgation of Ordinance to the President to resolve the pending issues post the cancellation of the coal blocks by the Supreme Court in September.

 

The Coal Minister stated that only companies incorporated as Indian company will be allowed to participate in the bidding of the coal mines. 

 

 

Source: http://zeenews.india.com/