CAG

August 19, 2012

More Corporate Government Malfeasance Exposed as Indian Conglomerate GMR comes under Attack by India’s Auditing Body

GMR in Spotlight Now GMR is one of India’s largest infrastructure/construction companies with presence in roads, power, airports, construction etc. Like other infra majors the company […]
June 30, 2011

Directorate General of Hydrocarbons (DGH) – Regulatory Capture by Big Indian Oil/Gas Companies,CBI files Case (V K Sibal),CAG finds Massive Corruption (Gold Plating Reliance)

Note Indian ministries and regulators have been found to be massively corrupt with the 2G Telecom Scandal facing the glare from the Supreme Court .Huge loss has been caused by ministers,corporate CEOs and various politicians a number of which are in jail right now.The CAG report had said that Reliance had doubled its cost in the KG-6 Basin leading to a huge loss for the Indian government.A number of other lapses (intentional) has been found by the DGH and the Ministry each time favoring the private oil and gas companies in India.Now the CBI has filed a case of corruption against the the former chief of the DGH V K Sibal for scuttling a probe by the Central Vigilance Commission (CVC) for showing undue favors to the private companies.Note India has been stuck by a number of scams in the stock market pertaining to mid cap and small caps.This has led to huge losses for investors with some companies like Reliance Telecom,Unitech having over 90% of their share values eroded.Reliance the biggest Indian company by market capitalization might be facing the same fate if the investigative agencies and the courts do their jobs.