State-owned Coal India (CIL) Monday announced the reappointment of five independent directors - Loretta M Vas, Vinod Jain, DC Panigrahi, Khanindra Pathak, SB Agnihotri - to its board.
State-owned Coal India (CIL) Monday announced the reappointment of five independent directors - Loretta M Vas, Vinod Jain, DC Panigrahi, Khanindra Pathak, SB Agnihotri - to its board.
The "five independent directors were appointed by the ministry of coal vide its letter....Dated November 17, 2015, for a period of three years. On completion of their tenure on November 16, 2018, they ceased to be independent directors of Coal India board."
"The ministry of coal...Has reappointed them as independent directors on the board of CIL for a period of one year with effect from November 17, 2018, or until further orders, whichever is earlier," Coal India (CIL) said in a filing to BSE.
With these reappointments, there are seven independent directors at present on the board of the state-run firm.
Coal India accounts for over 80 per cent of the domestic coal output.
Coal India had earlier said that it was optimistic about an aspirational production target of 652 million tonne for the fiscal year 2018-19.
Earlier this month, despite Coal India Ltd (CIL) offer for sale being oversubscribed, the central government decided not to offload the entire shares it has earlier proposed to, thereby raising only a third of Rs 14,500 crore that it has earlier planned to raise through 9% stake dilution.
The government only offered a total of 19.8 crore or 3.19% equity shares for sale, which fetched around Rs 5,300 crore. It exercised greenshoe option to the extent of 0.19%, or 1.17 crore shares out of 37.24 crore shares proposed.
According to a company official, it was unexpected to see the government did not exercise the entire greenshoe option but the tepid demand from institutional investors on day 1 may be the reason why the government decided against offloading the entire stake through greenshoe option.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Five independent directors reappointed to CIL board")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}