"As far as the CAG is concerned, we are going through the reports. And you know that he has come out with so many things that I don't think anybody can find an answer, because you know all are speculative and presumptive," he told reporters here.
He was speaking to media on the sidelines of the Darbari Seth Memorial Lecture 2012, organised by The Energy and Resources Institute (TERI) here.
"I think that kind of a report is given without a proper study and also an in-depth study of the power sector with regard to allocation of coal, perhaps you know they will be precipitating policy paralysis in the government. They will be contributing to that," Moily said.
Moily, who also has the additional charge of the Power Ministry, said the reports are far from reality.
"I think he himself realises that today he finds a lot of credibility gap in that report because it is far far from reality," he noted.
Last week, CAG came out with three reports that estimated undue benefits of more than Rs 3.06 lakh crore to private parties in coal blocks allotment without bidding, Delhi airport development and diversion of coal to a power project.
The reports were on on coal allocation, development of Delhi airport by GMR-led DIAL and ultra mega power project of Reliance Power Ltd.
Following the release of these reports, main Opposition party BJP has demanded the resignation of the Prime Minister on the issue of coal block allocation.
