PAC to examine CAG reports on KG Basin, Air India

New Delhi: Parliament’s Public Accounts Committee on Friday decided to take up for examination the Comptroller and Auditor General of India’s reports on KG basin and the performance of Air India.
The PAC, at a meeting chaired by Bharatiya Janata Party leader Murli Manohar Joshi, decided to start examining the government auditor’s performance audits of the “Hydrocarbaon Production Sharing Contracts” and “Civil Aviation in India”.
The Committee is yet to draw a schedule for examining the two reports.
The two reports were tabled in Parliament on September 8, the last day of the six-week long monsoon session.
The CAG had sharply criticised Reliance Industries and the Oil Ministry for violation of contract over the showpiece KG-D6 gas block and called for revamping the current profit-sharing arrangement that reduces government revenues.
However, the audit report does not quantify how much the government lost when Reliance hiked capital expenditure at the nation’s biggest gas field from $2.4 billion proposed in 2004 to $8.8 billion estimate in 2006.
23/09/11 PTI/The Hindu

To Read the News in full at Source, Click the Headline

Categories: Air India Sep 2011