Professional Documents
Culture Documents
-20120051
BACKGROUND
Gujarati Jain family Father : Mr Shantilal Mehta , a small businessman After coming to Mumbai Harshad Mehta joined his 1st job as dispatch clerk in the New India Assurance Company. But his 1st love is always Stock market. During his work at New india insurance he has started investing in stock market with his brother Ashwin Mehta. Managed to get BSE brokers card.
But the fact had another side too. Mr Mehta started buying this ACC at mid 1990 and then he made it public. It was Harshad Mehtas trademarked style.
He used to study fundamentals, he used to buy in big quantity and then he used to make is public. And demand of that stock used to rise like anything after recommendation of this Big Bull !!
COALGATE SCAM
Political Scam Allocation of Coal deposits to PSEs or Private Firms
COALGATE
March 2012, the Comptroller and Auditor General of India (CAG) issued Draft: i. Allocating coal blocks in an inefficient manner. ii. Government had authority to allocate coal in competitive bidding. iii. PSEs and Private firms paid less. iv. The CAG put the figure at Rs 185,591 Cr (US$33.59 billion) BJP lodged a complain resulting in CBI probe into whether allocation of coal blocks in fact influenced by corruption.
Influenced by Corruption?
The initial report suggested that coal blocks could be allotted for efficiently, at no point did it suggest that corruption was involved. In response to a complaint by the BJP, the Central Vigilance Commission (CVC) directed the CBI to investigate the matter. The CBI named dozen of firms in a FIR.
ALLEGATIONS
Against S Jagathrakshakan i. Minister of State for Information and Broadcasting in the UPA government. ii. Part of a company named JR Power Gen Pvt Ltd which was awarded a coal block in Orissa in 2007. iii. The same company which formed a joint venture with a public sector company, Puducherry Industrial Promotion Development and Investment Corporation (PIPDIC), on January 17, 2007 five days after, PIPDIC was allotted a coal block. iv. JR Power had no expertise in thermal power, iron and steel, or cement, the key sectors for consumption of coal. v. In 2010, JR Power sold 51% stake to KSK Energy Ventures, an established player with interests in the energy sector. In this way, the rights for the use of the coal block ultimately passed on to KSK.
Similar allegations were made against i. Subodh Kant Sahai : Tourism Minister in the UPA government. ii. Vijay Darda and Rajendra Darda : Vijay Darda, a Congress MP and his brother Rajendra Darda, the education minister of Maharashtra. iii. Premchand Gupta : Who is the UPA partner Rashtriya Janata Dal's leader.
IMPLICATIONS
The major coal and lignite bearing states like West Bengal, Chhattisgarh, Jharkhand, Orissa and Rajasthan that were ruled by opposition parties, were strongly opposed to a switch over to the process of competitive bidding as they felt that it would increase the cost of coal, adversely impact value addition and development of industries in their areas and would dilute their prerogative in the selection of lessees.