Monday, January 29, 2001
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CAG raps Coal India, ECL on ICICI loan 

Our Bureau  
Kolkata, Jan 28: Coal India Ltd and its ailing subsidiary Eastern Coalfields Ltd (ECL) has been criticised by the Comptroller & Auditor General of India (CAG) for a Rs 50-crore loan from ICICI Ltd taken in September 1997.

According to a special audit report released this week, there were several irregularities in the terms of the loan. ICICI, apart from lending the money as working capital on lopsided terms, has also recommended the transfer of 64 "unviable" mines of ECL in a report filed in 1998. The restructuring plan had cast a shadow on the future of around 71,000 workers.

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