BJP seeks to punch holes in Chidambaram's zero-loss theory

Rubbishing Finance Minister P Chidambaram\'s zero-loss theory in coal allocation scam, BJP said even in cases where no mining was done, the allottees have gained as their worth in the market went up due to the blocks they owned.

Published: 24th August 2012 11:19 PM  |   Last Updated: 25th August 2012 01:39 AM   |  A+A-

Ravi Shankar Prasad_PTI

Rubbishing Finance Minister P Chidambaram's zero-loss theory in coal allocation scam, BJP today said even in cases where no mining was done the allottee gained as his worth in the market went up due to the blocks he owned.

BJP Chief spokesperson Ravi Shankar Prasad gave an example to drive home his point on the issue.

He said if a person was alloted a piece of prime land, his financial standing in the market would go up even if he did not put the property to any use.

This would help the person financially in any other venture that he undertakes, he added.

The coal block allottees, who did not do any mining, benefitted in a similar manner, Prasad said.

Chidambaram, at a press conference here, said CAG's concept of presumptive loss was "flawed" and there was no loss because no mining has taken place as yet.

"This presumptive loss (of Rs 1.86 lakh crore projected by CAG in its report), I deeply regret to say, is so flawed...

incisive articles by very eminent writers have pointed out these flaws.

"If coal is not mined, if it remains buried in mother earth, where is the loss. The loss can arise only once the coal is taken out of mother earth, mined and sold at unacceptable price or value. But if the coal is not mined, where is the loss," the Finance Minister said.

BJP also justified the continuing disruption of Parliament on the coal allocation issue saying "because of our unconventional Parliamentary interventions, the country has benefitted".

"In 2010, we did not allow Parliament to function in the winter session. This led to the auctioning of 3G licenses which led to huge profits to the exchequer and the recent revaluation of 2G licenses at Rs 14,000 Crore," Prasad said.

 Prasad claimed that due to pressures from the opposition, the government also had to rethink about the 240 acre prime land alloted to DIAL for a "paltry sum".

Describing the Finance Minister as the "security guard of the Indian treasury", Prasad said that despite the Supreme Court verdict today in the 2G spectrum case, Chidambaram still remains "politically and constitutionally accountable".

He said both then Telecom Minister A Raja and Chidambaram were responsible for the 2G spectrum allocations done in 2008 for only Rs 1658 crore.

"In 2012, when the market conditions are bad as there is hardly any investment, the 2G licenses have been given for Rs 14,000 crore," Prasad said.

"We will continue to insist on Chidambaram's accountability both inside and outside Parliament. There may be no criminal liability per se against him, but it does not absolve him of these responsibilities," he added.


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