Coal scam: DMK minister comes under fire
After Union minister Subodh Kant Sahai’s troubles over allocation of coal blocks to a company linked to his brother, another UPA minister — belonging to the DMK — has come under the scanner. HT reports. How black is coal | Timeline | In the eye of the stormUpdated: Sep 07, 2012 09:55 IST
After Union minister Subodh Kant Sahai’s troubles over allocation of coal blocks to a company linked to his brother, another UPA minister — belonging to the DMK — has come under the scanner.
MoS information and broadcasting S Jagathrakshakan’s company JR Power Gen Limited had formed a joint venture with the Puducherry Industrial Promotion Development and Investment Corporation (PIPDIC). PIPDIC got the Naini coal block in Talcher, Odisha, on July 25, 2007.
The AIADMK has alleged that documents show coal allotted to PIPDIC was sub-allotted to JR Power Gen.
The promoters of JR Power Gen in turn sold 51% of their holdings to KSK Energy Ventures. According to sources, the 49% balance too is on offer.
Jagathrakshakan is considered to be very close to the Karunanidhi family. In the eye of the storm
As of February 6, 2008, Jagathrakshakan, wife J Anusuya, son J Sundeep Anand and daughter J Srinisha are shareholders of JR Power Gen, holding a total of 10,000 shares and 49%. KSK Energy Ventures Limited holds 10,410 shares (51%).
JR Power Gen is an unlisted company and has notcompleted any public or rights issue since the date of its incorporation. How black is coal
These details did not find mention in Jagathrakshakan's details in the list of assets and liabilities by Lok Sabha members as of August 31, 2012.
In April 2010, JR Power Gen signed a memorandum of understanding with the Odisha government for setting up a 1,980MW independent power producer at Kishorenagar near Angul. Timeline
It wanted about 1,780 acres for the project and told the state government it has already signed a coal supply agreement with PIPDIC. It said it would be supplied coal for 25 years from the Naini block.