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Stage set for reforms in coal sector
Author: Shreeja Sen, Ruchira Singh & Aman Malik, Mint , Published on: 2 October 2014
The Supreme Court…scrapped the allocation of all but four of the 218 coal blocks awarded between 1993 and 2010. While the move gives the government an opportunity to make a fresh start and put in place a transparent rules-based regime in the allocation of coal, it also sets in motion attendant problems of unwinding investments and loans already made in some of these projects. Further, this has disruptive potential for the power sector, as a tenth of the existing power capacity in the country comes from captive power… The ruling is more severe than the industry was hoping but it sends a clear message about India taking a stand against the improper allocation of national resources and in favour of improving transparency and good governance,” said Sushil Jacob, a lawyer at London law firm Linklaters.