Supreme Court has scrapped 241 coal block allocations. It has been ruled that these were allocated in an illegal manner. National resources were bartered away by politicians unscrupulously. Since the methods allocated were not proper, allocations were scarped. The bench said that this is to correct the wrong done by the Union of India. Six months is the time given to the allot tees to manage the prospects of their coal blocks (which they have lost)And in six months, Coal India Ltd will take over the blocks; it has to gear up for managing all that. Only National Thermal Power Corporation(NTPC),Steel Authority of India Ltd(SAIL) and Ultra Mega Power Projects(UMPP) have not lost their coal blocks.
Large loans were given by banks to private companies to acquire these coal blocks. About 2.5 lakh crores of Rupees were given as loans and will now become "non-performing assets" So those who were beneficiaries of the wrong allocation will suffer.There wont be a committee to examine the correctness of the Judgement.'Who was responsible for illegal allocations' will be dealt by CBI probe. That will be done later.
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