Skip to main content

GASBAG MODI'S RS.20,000 CRS GAS SCAM.



https://m.facebook.com/story.php?story_fbid=10219835121457372&id=1500196238

A few years ago Modi forced cash rich ONGC to "buy" cash dry and gas dry GSPC. It was the scam of scams.

"On June 26, 2005, then Gujarat Chief Minister Narendra Modi announced that GSPC had discovered India's largest gas reserves in the KG basin. He claimed that the gas reserves were 20 trillion cubic feet worth 2,20,000 crores at that time. This was more than the total gas produced in all of India at that time. He announced that GSPC would spend 1,500 crores and begin commercial production of this gas in 2007. He also proclaimed this would make Gujarat India's economic super power and enable India to become self-sufficient in her energy needs."

What is even worse is this - as of 2016, GSPC has not started commercial production of gas from its KG Basin block. Astonishingly, it has borrowed 19,716 crores until March 31, 2015 from more than 15 public sector and private sector banks together. Its profits have dropped to a mere 23 crores in 2015. The company has written off nearly 3,000 crores as exploration costs. The company had interest dues of 1,800 crores in 2015 alone to the banks. To put this in context, Kingfisher Airlines is alleged to owe the banks 9,000 crores. GSPC's loans are more than twice that of Kingfisher. Similar to Kingfisher Airlines, GSPC's grand plans have also gone kaput. When Kingfisher and its promoter are rightfully vilified, why are GSPC and its protagonists not questioned?

- Mohan Guruswamy

Comments

Popular posts from this blog

Menon meets Karzai, discusses security of Indians

Kabul/New Delhi/Washington, March 5 (IANS) India Friday said that the Feb 26 terror attack in Kabul will not deter it from helping rebuild Afghanistan as National Security Adviser Shivshankar Menon met Afghan President Hamid Karzai in Kabul to review the security of around 4,000 Indians working in that country. Menon, who arrived here Friday morning on a two-day visit, discussed with Karzai some proposals to bolster security of Indians engaged in a wide array of reconstruction activities, ranging from building roads, bridges and power stations to social sector projects. The Indian government is contemplating a slew of steps to secure Indians in Afghanistan, including setting up protected venues where the Indians working on various reconstruction projects will be based. Deploying dedicated security personnel at places where Indians work is also being considered. Menon also met his Afghan counterpart Rangin Dadfar Spanta and enquired about the progress in the probe into the Kabul atta

Iran is losing the game to regional actors in its strategic depth

Rethink before It’s Too Late http://www.irdiplomacy.ir/index.php?Lang=en&Page=21&TypeId=15&ArticleId=7108&BranchId=19&Action=ArticleBodyView Iran is losing the game to regional actors in its strategic depth –Afghanistan. By Houman Dolati It is no more a surprise to see Iran absent in Afghanistan affairs. Nowadays, the Bonn Conference and Iran’s contributions to Afghanistan look more like a fading memory. Iran, which had promised of loans and credit worth five-hundred million dollars for Afghanistan, and tried to serve a key role, more than many other countries, for reconstruction and stabilization of Afghanistan, is now trying to efface that memory, saying it is a wrong path, even for the international community. Iran’s empty seat in the Rome Conference was another step backward for Afghanistan’s influential neighbor. Many other countries were surprised with Iran’s absence. Finding out the vanity of its efforts to justify absence in Rome, Iran tried to start its

Pakistani firm whose chemicals were used to kill US troops seeks subsidy for Indiana plant

By Jennifer Griffin, Justin Fishel Published March 22, 2013   A Pakistani fertilizer maker whose chemicals have been used in 80 percent of the roadside bombs that have killed and maimed American troops in Afghanistan is now seeking U.S. taxpayer subsidies in order to open a factory in Indiana.  The request appears to be on hold pending further review, but the situation has stirred outrage in Congress, where some accuse the Pakistani government of halting efforts to clamp down on the bomb-making.  For the past seven years, the U.S. government has known that the raw material calcium ammonium nitrate, or CAN, is making its way across the border into Afghanistan where the Taliban use it to fuel their most deadly weapons, namely the improvised explosive device. IEDs have long been the number one killer of U.S. and coalition troops.  The material largely comes from Pakistani fertilizer maker the Fatima Group. But the Pakistani government has stymied attempts by the Pentagon to stop the