The Comptroller and Auditor General, CAG has raised questions about the first two rounds of e-auction of coal blocks saying that the level of competition was disappointing. In a report tabled in Parliament today, CAG said competition may have been restricted in auction of 11 coal blocks on account of multiple bids by corporate groups made through Joint Ventures or subsidiaries. <br/><br/>It said, in 11 out of 29 coal mines successfully e-auctioned in first and second tranche, a number of qualified bidders in the e-auction stage were from the same company or parent subsidiary company coalition or joint venture. CAG said, in a scenario where the standard tender document allowed the participation of Joint Venture and simultaneously limited the<br/>number of qualified bidders, the audit could not draw an assurance that the potential level of competition was achieved during the stage II bidding.<br/><br/>It added that in the third tranche, the Coal Ministry amended the clause of Joint Venture participation with the objective of increasing participation. The CAG said, inconsistencies and inaccuracies in following some of the assumptions and various errors in computing of intrinsic values resulted in under-determination of upfront amounts in 15 blocks, under-determination of floor prices in 6 non- regulated sector coal mine and revised fixed rates in all nine power sector coal mines.