Ministerial group begins review of coal block companies

September 6th, 2012 - 4:35 pm ICT by IANS  

New Delhi, Sep 6 (IANS) The inter-ministerial group (IMG) on coal block allocations Thursday began its three-day review of the 58 coal blocks issued show-cause notices earlier for norms violations.

The IMG will review the performances of private companies in developing coal blocks that were allotted since 1993, as well as look at the encashment of 18 companies’ bank guarantees.

In the first phase, 10 companies, including Usha Martin, Monnet Ispat and Corporate Ispat Alloys have been asked to present their views on why they had failed to develop the coal blocks within a deadline of around 42 months.

Companies to follow are JSPL, Hindalco and Tata Power among others.

Though notices were issued to 58 companies, only 35 have been asked to appear before the IMG and present their case before the IMG finalizes its recommendations.

The IMG is working with the deadline of Sep 15 set by the coal ministry. It was set up in July to recommend action against coal block allottees for not meeting the time-frame set for beginning production.

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