IMG recommends deallocation of 3 more coal blocks to PSUs

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SummaryIt reviewed 14 cases today in a marathon meeting, which lasted for over six hours.

Winding up the exercise of scrutiny of mines allotted to PSUs which failed to develop coal mines within stipulated timeframe, the Inter-Ministerial panel on coal blocks today recommended de-allocation of three more blocks.

"The IMG has recommended de-allocation of three blocks today including one alloted to Jharkhand State Mineral Development Corporation (JSMDC)," a source close to the development said.

However, the names of other two blocks could not be obtained.

It reviewed 14 cases today in a marathon meeting, which lasted for over six hours.

With today's development the number of cases recommended for cancellation of mines to PSUs has risen to 11.

Earlier this month, it had recommended de-allocation of eight such blocks after scrutiny of 19 cases.

The IMG has completed the exercise of scrutiny of blocks alloted to public sector firms, which were issued show cause notices for failing to develop mines within stipulated timeframe.

The panel's earlier recommendation for de-allocation of 13 mines to private firms has already been accepted by the government.

The IMG on October 9 and 10 had examined 33 coal blocks allocated to public sector firms including Andhra Pradesh Power Generation Corporation, NALCO and MMTC which were issued notices for delay in production.

The panel has already concluded the scrutiny of 31 coal blocks allotted to 51 private firms and last month the government had accepted its recommendations for de-allocation of 13 mines and deduction of bank guarantees of 14 allottees.

A total of 58 mines were issued show-cause notices for their failure to develop blocks within stipulated timeline.

The government had formed the IMG in July to review progress of coal blocks allocated to firms for captive use.

The CAG had estimated that undue benefits to the tune of Rs 1.86 lakh crore might accrue to private firms on account of allocation of 57 mines to them without auction.

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