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SEP 24 2015

Coal India holds AGM sans independent directors

  • Economic Times, ET Bureau / Hyderabad
  • Created: Thu 24th SEP 2015

World's largest coal mining company Coal India Ltd today held its 41st annual general meeting in the absence of independent directors. CIL is without any independent director since the last AGM in September 2014.

An Exchange official said that as per SEBI listing agreement, a company should fill a vacancy in three months or by the next board meeting. CIL board has a strength of 14 members of which seven posts are for independent directors. The posts of independent director in subsidiaries are also lying vacant.

Company's secretary M Viswanathan told PTI that BSE and NSE had sought clarification from CIL regarding the vacant posts and the company has replied. CIL chairman Sutirtha Bhattacharya said independent directors had to be appointed by the government and not by the company.

"We are constantly pursuing the appointment of independent directors," he said.

The NDA government at the Centre had not supported the reappointment of few independent directors who offered to continue at the last AGM and the rest resigned before the shareholders' meeting apprehending government stance on not supporting their appointments.

Tags

Coal Coal India Limited CIL coal mining India

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