SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 26 Oct, 2016  

Jairam Ramesh New THMB Govt trying to hide GSPC scam, alleges Congress

Jairam.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 26 Oct, 2016
The Congress on Tuesday questioned Narendra Modi government's decision to ask ONGC to purchase Gujarat State Petroleum Corporation's (GSPC) gas block, saying the government ignored CAG reports on GSPC scam to save it.

"Modiji (then Gujarat Chief Minister) proudly claimed in 2005 that the GSPC has found 20 tcf gas in KG Basin. After 11 years, they have found only 1 tcf gas," alleged senior Congress leader Jairam Ramesh.

Using this claim, Modi made GSPC borrow Rs 20,000 crore from 15 public sector banks, Ramesh claimed.

The Congress leader further said that contracts were given to Adani's companies -- underwear manufacturing companies -- for drilling, but nothing came of them.

"The value of this gas block is Rs 3,000 crore. The GSPC has to repay Rs 20,000 crore. As the Oil & Natural Gas Corporation's (ONGC) net worth is Rs 1.5 lakh crore, the GSPC scam will now lie buried in the books of ONGC.

"This is being done to save the GSPC and hide the scam. That's why ONGC is being forced to purchase GSPC gas block," he added.

The Congress, Ramesh said, has some questions for the government, including - Who decided that GSPC will be purchased by ONGC? Was it the ONGC board? On what basis was this decision taken? What does ONGC stand to gain from this purchase? What is the response to and action on the CAG's report on GSPC?

"If we followed the correct norms set by previous RBI Governor (Raghuram Rajan), the GSPC would have been declared a non-performing asset," said Ramesh.

"But, will this happen? Will it be declared a non-performing asset," he wondered.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter