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Govt gets tough on coal allocations New Delhi, September 11 The IMG, expected to meet tomorrow to finalise its report following the presentations made by 29 coal mine owners, will recommend to the Coal Ministry for de-allocating the blocks given to about 12 private players and handing them over to Coal India Ltd (CIL). Sources said names of some of the big players could be included in the list to be handed over to the Coal Ministry tomorrow itself. “The IMG found the replies from about 12 companies as not satisfactory and their blocks are likely to be de-allocated,” a source said. The Coal Ministry wants to complete the process of de-allocation by September 15. Last week, over three days, the IMG reviewed the progress made on 29 of the 58 coal blocks given to companies such as Jindal Steel and Power and Reliance Power. Following this review meeting, the IMG could meet again over the next few weeks to review the developmental progress on the rest of the 29 mines owners, who have not been summoned yet. The IMG meeting was held against the backdrop of the Comptroller & Auditor General (CAG) estimating that private companies are expected to make undue gains to the extent of Rs 1.86 lakh crore as the government did not conduct auctions while allotting mines to them. Of the 58 coal blocks allocated to private companies without any bidding process, seven fall in the 'Naxal-hit zones’ and the IMG has not taken a decision on these. Another 21 of them are in the ‘inviolate area’ and the IMG is not likely to take any decision on them.The CAG had criticised the Coal Ministry for not forfeiting the bank guarantee of the mining companies which had failed to achieve the landmarks of mining development. In the meeting on September 3, the IMG had finalised the guidelines for forfeiting the bank guarantee (BG) of the non-performing companies. The CAG reports states that BG of Rs 311 crore of the private sector companies can be forfeited. The IMG has decided to recover this amount to ward off the charges of the CAG. An official statement said, "The next meeting of the IMG will be held on September 12 ...To deliberate and finalise its recommendations in respect of allocatees/companies which made presentations before it," an official statement said. In its meeting on September 3, the IMG had finalised the guidelines for forfeiting the bank guarantee of the non-performing companies. The CAG reports states that bank guarantees of Rs 311 crore of the private sector companies can be forfeited. The IMG has decided to recover this amount.
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Bank guarantees to be recovered
