Coal import call by power ministry temporary: Goyal

KOLKATA: Coal Minister Piyush Goyal has said that the recent decision of the Union Power Ministry to allow states to import coal is temporary in nature.

"We are constantly trying to ramp up production. Allowing states to import coal is temporary in nature," Goyal said when asked about the Union Power Ministry asking states to import coal in the wake of coal shortage.

Union Power Minister R K Singh has recently red flagged coal shortage for power plants for the next 2-3 years and allowed states to import the fuel.

Goyal said there had been constant growth in coal production and dispatches by the Coal India and explained that at times imports might be needed as a stop-gap arrangement for states to meet sudden rise in demand.

Goyal said coal production had registered a 15.2 per cent growth during the first quarter ended June 2018 to 136.87 million tonnes and supply to power plants also jumped by 15.4 per cent to 122.84 million tonnes during the quarter.

This resulted in lower coal imports by the power industry by nearly 15 per cent during April-may this year. The Coal India is trying to rationalise coal supplies to power companies based on demand and stock lying with them in order to optimise power generation in the country, a company official said. NEW DELHI: An inter-ministerial panel has submitted recommendations to the Home Ministry to tighten the Passport law to prevent defaulting promoters and fraudsters like Vijay Mallya, Nirav Modi and Mehul Choksi from fleeing the country.

The home ministry had constituted a panel to look into the issue of Indian passport holders obtaining duel citizenship as has been the case of Choksi.

The panel subsequently formed a sub-group under Financial Services Secretary Rajiv Kumar to look at the misuse of Indian Passport and duel citizenship issue.

After thorough examination, the panel headed by the Secretary suggested amendment in the Passport Act to deal with the wilful defaulters and fraudsters fleeing the country, sources said.

These recommendations assume significance in view of reports of fugitive diamantaire Mehul Choksi moving to Antigua, an island nation in the West Indies, from the US and getting a local passport of the Caribbean country.

Choksi, involved in over USD 2 billion scam in Punjab National Bank, is believed to have acquired the citizenship of Antigua last year.

There are cases wherein an individual may be in possession of passport of two countries, sources said, adding, it becomes very difficult for authorities in India to deal with them. Various suggestions were given including renunciation of Indian citizenship.

Other members of the high-level panel include representatives from Enforcement Directorate, Central Bureau of Investigation, Intelligence Bureau, and Reserve Bank of India.

Besides, senior officials of the home ministry and ministry of external affairs are part of the committee.

Soon after the emergence of the PNB fraud and perpetrator Modi and his uncle Choksi fleeing the country, the Finance Ministry asked public sector banks (PSBS) to collect passport details of all those borrowers who have borrowed loans of more than Rs 50 crore.

The banks have also been asked to introduce modifications in the loan application form issued to a borrower to incorporate his or her passport details.

Mallya had fled the country in March 2016 after defaulting on loans given to Kingfisher Airlines, which was promoted by his group.

Moreover, Parliament passed Fugitive Economic Offenders Bill, 2018 giving authorities powers to attach and confiscate the proceeds of crime and properties of economic offenders, like bank fraudsters or loan defaulters fleeing the country.

The law is aimed at quickly recovering losses to exchequer or PSBS in cases of frauds.

Union Minister Arun Jaitley had in his Budget for 201819 said the government was considering bringing a new law to confiscate assets of such absconders. NEW DELHI: An auditor should give a disclaimer saying that it cannot express an opinion if accounts of the company are incorrect, instead of leaving the audit work halfway, IT veteran T V Mohandas Pai said.

In recent times, scores of auditors have left audit work of companies, mostly listed ones, citing various reasons.

The former Infosys director said now the instances of auditors quitting listed firms "is happening more because Sebi banned Price Waterhouse for two years after the Satyam thing".

"Earlier, the auditors were not afraid. But now, they fear that if they are caught, Sebi would ban them," Pai told PTI in an interview.

Earlier this year, the Securities and Exchange Board of India (Sebi) had barred Price Waterhouse network firms from issuing audit certificates to any listed company in India for two years after finding the audit major guilty in the multicrore Satyam Computer Services scam that came to light in January 2009.

"If an auditor is taking up an audit, the auditor must have courage to stand up, qualify the accounts or give a disclaimer to say that it can't express an opinion because they are cooked up. They should not just chicken out and go.

"If they chicken out and go, the regulator should prosecute them," Pai said.

In recent weeks, Price Waterhouse quit audit mandate of Vakrangee and Atlanta, while Deloitte resigned as statutory auditor of Manpasand Beverages. All three are listed companies.

According to Pai, it is not correct if the auditors go halfway and then quit the audit work of the firm, as then "nobody will touch that company".

He said that once the auditors take up an audit work, they must complete it and give a disclaimer saying that the books cannot give a true and fair view and so we are unable to give a true and fair view.

Union Power Minister R K Singh has recently red flagged coal shortage for power plants for the next 2-3 years and allowed states to import the fuel