CAG exposes the Reliance scam
The CAG has now exposed how Reliance, in collusion with the Central Government, siphoned off money from KG basin, misled the country, looted natural gas, violated all its contractual commitments and caused serious damage to national interests.
The CAG has brought out that Reliance, acting as a rogue operator, held the country to ransom, while the Government not only did not impose any penalty, but instead kept on giving into its wishes.
CAG has found the following:
1) Reliance hugely overestimated the reserves
2) Reliance hugely increased its capital expenditure, which is cost recoverable
3) Most of the procurement made was over-invoiced
4) Reliance miserably failed to adhere to its production commitments
5) Reliance did not relinquish its fields as required by the contract
6) Reliance did not pay the full profit petroleum to the Government
Non-cooperation with the CAG
CAG starts its report by stating that Reliance did not cooperate with the audit, did not provide several important documents and records and also desperately tried to mislead the CAG by providing wrong information. This is despite the fact that audit by a government agency is a requirement under the Government-Reliance Contract (the PSC), and CAG has full right to examine the operation of the PSC since it impacted nation’s resources and government revenues. more
The CAG has brought out that Reliance, acting as a rogue operator, held the country to ransom, while the Government not only did not impose any penalty, but instead kept on giving into its wishes.
CAG has found the following:
1) Reliance hugely overestimated the reserves
2) Reliance hugely increased its capital expenditure, which is cost recoverable
3) Most of the procurement made was over-invoiced
4) Reliance miserably failed to adhere to its production commitments
5) Reliance did not relinquish its fields as required by the contract
6) Reliance did not pay the full profit petroleum to the Government
Non-cooperation with the CAG
CAG starts its report by stating that Reliance did not cooperate with the audit, did not provide several important documents and records and also desperately tried to mislead the CAG by providing wrong information. This is despite the fact that audit by a government agency is a requirement under the Government-Reliance Contract (the PSC), and CAG has full right to examine the operation of the PSC since it impacted nation’s resources and government revenues. more
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Shiv Avtarji, it seems you have had some bad experience with your RWA. My experience has been very satisfying. We have been able to bring together people of our colony as one unit. We also have been able to use this forum to establish good positive relationship with all civic departments, thanks to a great coordination with our Counsellor. This helps us to get all our needs met on a regular basis. We should not allow ourselves to be biased about a concept due to One bad experience and condemn the very concept. At the end of it, it is the people involved in any organisation and their approach towards the responsibilities, that decide how good or bad the organisation is. One may sometimes have to jump in to correct the malaise that may be affecting our organisation, just like the likes of Arvind Kejriwal, who though not a politician, decided to enter the field and is trying to rectify the corrupt system. more
Jun 29
I don't think we can deduce this early that there are differences in RIL and Govt. This could be more of a strategy to Prima facie make us believe their good intention. Deferment should not be construed as denial. After all, there are some State election too shortly, which too has to be kept in. Ind. more
Jun 29
If the main stream parties, under a perceived threat from AAP, show genuine improvement, as distinct from cosmetic ones, AAP will have done its job. This is the beauty of Indian democracy, a 300 plus ruling political combination feels the pressure of a 4 MP party?! So does the powerful media, which spares no opportunity to run-down AAP?! more
Jun 28
The only way to wake these politicians is AAP fear, even the RSS has commented many a times don't under estimate AAP, people still have great hopes from the party. We have to under stand public mood and act in a way that good things are done. Masses do understand charctor of cong/BJP more
Jun 28
