Monday, August 25, 2014

Landmark Decision by Supreme Court On Allocation of Coal Block

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.

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