Thursday, August 19, 2010

NTPC and PGCIL hold back CWG sponsorship fund over reports of financial irregularities

Due to reports of financial irregularities, National Thermal Power Corporation (NTPC) and Power Grid Corporation of India Limited (PGCIL)- two major state-run companies of India decided to hold back their sponsorship money for the Commonwealth Games.

The two companies were supposed to provide a total of Rs.600 million of which

Rs. 200 million has already been provided to the CWG Organising Committee. The rest Rs.400 million has been hold back as there were numerous reports about the financial irregularities.

On August 18, 2010, Michael Fennell, President, Commonwealth Games Federation, came to Delhi on a two-day visit to see the preparation of the games and he was not very satisfied. He was very surprised to see what is on paper and the CWG village in reality. He was very unhappy with the condition of SP Mukherjee Aquatic Complex.

The 19th Commonwealth Games will be held in Delhi starting from October 3, 2010 till October 14, 2010.

Last month, Central Vigilance Commission published a report where it pointed out possible malpractices in handing of construction and other contracts of the games. In early August, three officials of the CWG organizing committee- T S Darbari (joint director general), Sanjay Mahindroo (deputy-director general) and M Jeychgandran (treasurer), have been sacked. In addition, contracts with Sports Marketing and Management (SMAM), an Australian firm, had been cancelled.

Officials of the two companies are demanding an audit being conducted by a government agency to reveal the details of the spending of their sponsor money.

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