I had hinted on this in my blog yesterday that all the parties are involved as the unfolding events suggest.
I drew a parallel with the 2G scam.
It has now come to light that Jagathrakshakan, Union Minister of State for Information and Broad casting, through his Company ,J R Power Gen Pvt Ltd .which was barely five days old when it signed an MoU with the state-owned Puducherry Industrial Promotion Development and Investment Corporation (PIPDIC) stake a claim for a captive coal block , was allotted in 2007.
This allocation was done despite the stipulation that the allotment is to be made to PSUs with interests in the Core Sector.
PIPDIC is an Investment facilitator and as for as Jagathrakshakan’s Company is concerned , it has nothing to do with the Core Sector,
excepting the fact that Jagathrakshakan is intimately associated with the Core Sector Karunanidhi,the DMK Supremeo and a
Scientist of Scams, by Organising felicitation Functions for him at the drop of a hat and there were too many hats.
M.K Azhagiri is the Union Minister of Fertilizers and I am expecting a scam in the Fertilizer sector any time now.
There has been a whiff of this when the Fertilizer prices were revised.
Let’s wait.
In the meanwhile the DMK started singing the Standard Family Tune.
That Jagathrakshakan was not an MP then,as though to get the benefit of the scam one has to be a MP.
Next will be Jagathrakshakan had no connection with the Company;in fact the first step was taken by saying he has resigned before the
Coal allocation.
Precisely the same argument M.K.Azhagiris son used when his Company was caught in Madurai in mining scam;the argument of
Kanimozhi that she had nothing to do with Kalaignar TV excepting the fact that she was a Director;Dayalu Karunanidhi’s argument that
she knew nothing of the daily transactions of the TV and that she did not know English!
Katunanidhi’s script always has twists and turns.
Story:
The DMK has again landed the UPA government in a spot as the focus now shifts to the family of Union minister of state (information and broadcasting) S Jagathrakshakan for their involvement in a company that was awarded a coal block in 2007 despite it having no track record in the sector. MK has again landed the UPA government in a spot as the focus now shifts to the family of Union minister of state (information and broadcasting) S Jagathrakshakan for their involvement in a company that was awarded a coal block in 2007 despite it having no track record in the sector. The Jagathrakshakanowned J R Power Gen Pvt Ltd was barely five days old when it signed an MoU with the state-owned Puducherry Industrial Promotion Development and Investment Corporation (PIPDIC) to stake a claim for a captive coal block. Coincidentally, this round of allotments were made to PSUs which had to specify end use for the coal. While J R Power had no interests in any core sector, PIPDIC just facilitates investments in the region . Neither could have directly utilized the coal block. According to documents available with TOI, J R Power, in which Jagathrakshakan and his family members were directors, entered into the MoU with PIPDIC on January 17, 2007. On July 25, 2007, PIPDIC and Gujarat Mineral Development Corporation were allocated a coal block in Naini, Orissa. As per the MoU, J R Power also enjoyed a stake for end use of this allotment . However, months after the allocation of the block, J R Power, which had no expertise in thermal power , iron and steel, or cement — key sectors for consumption of coal — sold 51% stake to Hyderabad-based K S K Energy Ventures Ltd, an established player with interests in the energy sector. The rights for the use of the coal block thus passed to K S K. Admitting to getting a coal block, Jagathrakshakan told TOI, “It is true that we got coal allocation but it was a sub-contract with Puducherry government and then we gave it away to KSK company. Now, we have got nothing to do with the allocation but if the government wants to take back the allocation it can do so.”
“Questions are now being raised as to how J R Power Gen managed to enter into an MoU with a state agency with rights to a coal block although it had no expertise in allied sectors. Jagathrakshakan was not a minister or MP in the DMK when the deal was struck. Later, he resigned as director of the company in 2009, to contest in the elections, but his family members remain on the board. “The coal block was allocated to PIPDIC without any end use. The company did not specify any power, iron or cement industry project when it got the coal block. Subsequently, it entered into an agreement with another company again without any experience in power projects. Thus the coal has been allocated without applying of mind allegedly under some influence,” said M R Venkatesh , a chartered accountant and activist. The DMK sought to distance itself from the controversy saying Jagathrakshakan was not a member of the party at that point.”
You must be logged in to post a comment.