Sources say the investigation panel has found evidence of “collusive/partial bidding” and “manipulation of documents” in tenders for various projects.
New Delhi: The high-level Shunglu Committee has blamed the Commonwealth Games Organising Committee for the delay in executing contracts for the mega sporting event which led to cost escalation.
In a report submitted to the Prime Minister's Office, the Committee is understood to have found evidence of "collusive/partial bidding" and "manipulation of documents" in floating tenders, reports PTI.
Prime minister Manmohan Singh had on 25 October 2010 appointed the committee under the chairmanship of former Comptroller and Auditor General VK Shunglu to look into alleged corruption and managerial lapses in the conduct of the Commonwealth Games held in Delhi between 3rd and 14th October last year.
According to sources, the Shunglu panel has also questioned decisions of certain Organising Committee officials in finalising, floating and awarding a number of contracts. The Committee investigation is understood to have found fault with giving overlays contracts, they said.
Sources having access to the panel's report said that of a total of 540 contracts that were to be completed by 2009, the Organising Committee had executed 37, which had led to supply of inferior quality products at highly-inflated rates. The remaining 503 contracts were carried out by firms after January 2010, they said.
The Shunglu panel had on 31st January submitted its first report on alleged irregularities in awarding broadcasting rights for the event and recommended strict action against suspended chief executive officer of Prasar Bharti BS Lalli and former director general (Doordarshan) Aruna Sharma under the relevant sections of the Indian Penal Code and Prevention of Corruption Act for their alleged acts of omission and commission.
In its second and third reports on the Games Village and City Infrastructure respectively, it named Delhi lieutenant governor Tejinder Khanna and chief minister Sheila Dikshit for alleged inadequacies.
The Central Bureau of Investigation, the Central Vigilance Commission, the Enforcement Directorate and the Income-Tax Department are probing several cases related to financial and managerial bunglings in games-related projects carried out by the Organising Committee, civic and construction agencies like the Municipal Corporation of Delhi, Delhi Development Authority, Public Works Department, New Delhi Municipal Council and some others.
Effect of turbulence in global economy continues to hurt foreign investment in India, as recovery remains fragile in Europe
New Delhi: Foreign direct investment (FDI) in India registered a decline in February 2011, dipping by 30% year-on-year to $1.2 billion, in the backdrop of the financial turmoil in Europe.
In February last year, FDI amounting to $1.7 billion came to India. This is the second consecutive month of decline. In January this year, FDI plunged by 48% vis-a-vis the corresponding month in the previous year to $1.04 billion.
During the 11-month period from April 2010 to February 2011, FDI inflows into India declined by 25% to $18.3 billion. The country received FDI worth $24.6 billion during the April 2009-February 2010 period.
"The numbers are bad. We will not be able to touch last year's FDI figure," an official told PTI. "The government needs to take the matter seriously and initiate steps to boost investors' confidence."
Feeling the impact of the turbulence that battered the global economy in 2009-10, India's FDI dropped to $25.88 billion during the fiscal from $27.33 billion in the previous financial year.
"This year is not good for FDI. The global economic recovery is very fragile in European economies. India needs some policy actions to boost FDI," said DK Joshi, principal economist at CRISIL.
On its part, the Department of Industrial Policy and Promotion (DIPP) has initiated steps to streamline FDI procedures, including consolidation of all rules and regulations into a single document.
The main sectors that attracted foreign investment were financial and non-financial services, telecommunications, housing and real estate, construction activities and power. Mauritius, Singapore, the US and UK, the Netherlands, Japan, Germany and UAE have been the major investors in India.
As far as FII inflows are concerned, in February, foreign institutional investors pulled out $721.33 million, whereas they had invested $946.21 million in the corresponding period last year.
SBI Mutual Fund new issue closes on 29th March
SBI Mutual Fund has launched SBI Debt Fund Series-370 Days 12, a close-ended income scheme.
The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, PSU & corporate bonds and money market instruments maturing on or before the maturity of the scheme. The tenor of the scheme is 370 days.
The new issue closes on 29th March. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Rajeev Radhakrishnan is the fund manager.