Today, the Supreme Court has declared that allocation of coal blocks since 1993 illegal.
The issue of allocation of coal-blocks shot into limelight in 2012 when the Comptroller and Auditor General of India (CAG) raised questions on the process of allocation of coal blocks during UPA-II. CAG had tagged a loss of 1.86 lakh crore rupees to the exchequer.
Since then a lot has happened connection with this scandal, that was subsequently referred to by the media as the Coalgate scam.
In the most recent development the Supreme Court has, today, delivered a verdict that is bound to have a far reaching impact on the national economy. All the coal blocks allocated since 1993 have been declared illegal because the process followed was non-transparent and dodgy.
The prices of stocks linked to the Coalgate tanked today after the decision was announced.