Coalgate: Now, DMK leader in the dock
In another controversy, Minister of State for Information and Broadcasting S Jagathrakshakan has been linked to coal block allocations.
Chennai: In another controversy, Minister of State for Information and Broadcasting S Jagathrakshakan has been linked to coal block allocations.
According to reports, the family of Jagathrakshakan is allegedly a part of a company which was awarded a coal block in Odisha in 2007.
Interestingly, the company in question reportedly formed a joint venture with a public sector company, Puducherry Industrial Promotion Development and Investment Corporation (PIPDIC), on January 17, 2007, just five days before coal block allocations.
Jagathrakshakan’s affidavit, which he filed during the elections, also reportedly shows that he holds share of J R Power Gen Pvt Ltd.
As per a report in a newspaper, on July 25, 2007, a coal block in Naini, Orissa, was allocated to PIPDIC and Gujarat Mineral Development Corporation. According to the MoU, J R Power here also enjoyed a stake for end use of this allotment.
However, in 2010, J R Power, which had no expertise in allied sectors, sold 51 percent stake to a Hyderabad-based KSK Energy Ventures.
Notably, Jagathrakshakan is the DMK`s richest MP by value of assets disclosed.