Companies

Coal India board meeting postponed

Our Bureau New Delhi | Updated on March 12, 2018 Published on July 09, 2012

Coal India has postponed the board meeting scheduled on July 10.

Apart from discussing the amendments in fuel supply pacts, as is suggested by the Prime Minister’s Office, the meeting will finalise a mammoth Rs 1,700 crore contract for explosive procurement by the mining subsidiaries. Explosives are one of the major consumables required for coal production.

Though the official communication does not mention the future date, sources told Business Line that the meeting will be held anytime “next week”.

According to sources, a delay in finalising the successful bidders for explosive supplies was the prime reason behind postponing the board meet.

While the contracts are awarded by the mining subsidiaries, as part of the transparency initiative CIL lines up successful bidders through a complex process of reverse auction.

Meanwhile, sources are upbeat that the board may respond positively to the amended FSA norms, as reducing the trigger level to 65 per cent for three years would eliminate the financial risk of the company.

Earlier, the Union Government ordered CIL to sign FSAs ensuring a committed supply of 80 per cent. To comply with the same the company was required to step up production to 69 million tonnes in 2012-13.

Considering that the company did not have much production growth under the belt for last two years, the board felt that the order would make the company vulnerable to huge payment of penalty for non-compliance of FSAs.

Published on July 09, 2012

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism
null
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.