Cancel coal blocks allocation: CPI-M

New Delhi, Aug 23 (IANS) Coal blocks allocated to private companies, leading to a "gigantic corruption scandal", should be cancelled, the CPI-M said Thursday.

The CPI-M said it wanted "a full investigation to fix the responsibility for this large-scale corruption. All those guilty must be prosecuted, however high position they hold.

"The allocations made to the private companies should be cancelled and steps taken to recover the losses suffered by the government," the Communist Party of India-Marxist said.

A CPI-M statement said: "The UPA government has been found responsible for another gigantic corruption scandal in the coal block allocations.

"According to the CAG report, allocations of coal blocks to private companies have resulted in their benefiting to the tune of Rs. 1.86 lakh crores.

"This scandal and loot of natural resources is a result of the UPA government's efforts to privatize the coal industry through the backdoor having failed to change the coal nationalization law.

"The CPI-M is opposed to the privatization of the coal industry."