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In what may come as a huge relief to Aditya Birla Group Chairman Kumar Mangalam Birla, the CBI is likely to close the coal scam case against him, reports TheEconomic Times today.An official told ET that they hope to close the coal case by March before the new government is sworn in.But why is the CBI in a hurry to close the case against Birla?Only a month back the CBI decided to keep the pressure on Kumar Birla, submitting to the Supreme Court a diary it recovered from the group's offices on October 16.The diary, the CBI had said, contains lists of about 1,000 payments made over a 10-year period to politicians and Members of Parliament across party lines. One more diary recovered by the income tax department sleuths also shows receipts adding up to almost Rs 100 crore.An Indian Express report had noted, "The dates on which these payments have been made, sources said, are around the time of two Lok Sabha elections and several elections of state Assemblies."According to a study by the Associationfor Democratic Reforms and National Reforms,the Aditya Birla Group was the top corporate donor to both the ruling Congress party as well as the opposition Bhartiya Janta Party.The Aditya Birla Group donated the maximum amount of Rs 36.41 crore to the Congress and Rs 26.57 crore to BJP.The CBI had named Birla and former Coal Secretary PC Parakh in an FIR in October last year, charging them with criminal conspiracy and corruption in connection with the allocation of coal blocks eight years ago in the Talabira block, Odisha. The block, meant for PSUs Mahanadi Coalfields and Neyveli Lignite, was eventually allotted to Hindalco.However, the CBI is yet to question Parakh or Birla. And now the report says that Birla may not be questioned at all.Sources in the investigating agency had alleged that Parakh extended undue favour to Birla by overturning a decision of the screening committee that had not recommended allocation of the blocks to aluminium maker Hindalco. The FIR alleged criminal conspiracy by Birla and misuse of position by Parakh.Early in November, Kumar Mangalam Birla met Finance Minister P Chidambaram for the second time in less than three weeks. "As of now, I am not worried about it. There is nothing wrong (that) has been done, so why should one worry? he had told reporters.In December, PTI reported that theCBI was in the process of closing one of the PEs, in which it was probing alleged irregularities in Anil Ambani's ADAG group run Ulta Mega Power Project (UMPP) in Sasan, Madhya Pradesh citing a policy decision vetted by empowered Group of Ministers (eGoM).The preliminary enquiry was registered on the directions of Supreme Court which had asked the CBI to probe 14 issues which included supply of low floor buses by Tata motors to Tamil Nadu government, grant of spectrum and alleged market manipulations and hammering of stocks by Unitech.CBI sources had said it has come to the light that use of surplus coal from the Sasan UMPP was approved on two separate occasions by two EGoMs. They said since it was a policy decision, CBI was not likely to question it.

Govt nod to Capital Goods Policy, aims 21 mn new jobs

from firstpost

Govt nod to Capital Goods Policy, aims 21 mn new jobs

New Delhi: Union cabinet on Wednesday approved the first-ever policy for the country's capital goods sector envisaging creation of over 21 million new jobs by 2025.The objectives of the National Capit...


L&T Q4 PAT jumps 18.55% to Rs 2,454 cr aided by infrastructure segment

from firstpost

L&T Q4 PAT jumps 18.55% to Rs 2,454 cr aided by infrastructure segment

New Delhi: Larsen & Toubro (L&T) today reported 18.55 per cent jump in consolidated net profit at Rs 2,453.64 crore for the quarter ending March 31, 2016, on the back of higher...

Nalco gets board nod to buy back shares of Rs 2,835 cr; govt stake to fall

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Nalco gets board nod to buy back shares of Rs 2,835 cr; govt stake to fall

New Delhi: Aluminium maker Nalco said its board has approved a proposal to buy back 64.43 crore shares worth close to Rs 2,835 crore, a move that will lead to liquidation of government's stake in the ...

India's business confidence falls to 5-month low in May amid subdued manufacturing

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India's business confidence falls to 5-month low in May amid subdued manufacturing

New Delhi: Confidence among Indian businesses fell to a five month low in May, and with rising inflationary pressure, there is limited scope for the RBI to cut rates, says a survey.Deutsche Boerses MN...

Capital goods policy approved, govt aims to create 21 mn new jobs by 2025

from firstpost

Capital goods policy approved, govt aims to create 21 mn new jobs by 2025

New Delhi: Union Cabinet today approved the first-ever policy for the country's capital goods sector envisaging creation of over 21 million new jobs by 2025.The objectives of the National Capital Good...

Flipkart defers joining date of recruits, IIM-A wants job guarantee from co

from firstpost

Flipkart defers joining date of recruits, IIM-A wants job guarantee from co

E-commerce giant Flipkart is now facing the heat from the Indian Institute of Management - Ahmedabad after it deferred the joining dates from June to December due to a restructuring exercise, reported...

Industry perspectives on customer service being tech driven or emotions driven

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Industry perspectives on customer service being tech driven or emotions driven

In an effort to accrue varied viewpoints on the basics of customer experience, therole of technology and striking a balance between systems & emotions, three distinct industry experts were...