Union coal minister G Kishan Reddy has written to Telangana chief minister A Revanth Reddy, seeking an inquiry into reports of 40 lakh tonne of coal worth about Rs 1,600 crore missing from Singareni Collieries Company Ltd (SCCL).
Financial Stability Concerns
In his letter, the coal minister said the allegations could impact the financial stability of SCCL, especially in the backdrop of its current financial position due to unpaid dues exceeding Rs 51,500 crore by Telangana government.
Joint Ownership and Workforce
SCCL is jointly owned by the Telangana government and the Centre in a 51:49 equity ratio and has a workforce of nearly 40,000 employees.
“In my view, such allegations, if not examined with alacrity and addressed promptly, may undermine SCCL’s financial position and impede its future growth and sustainability,” the coal minister said, adding that the adequacy of safeguards, mechanisms, and internal controls for the effective functioning of SCCL should also be examined.
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