Greenpeace approaches Sebi against Coal India

Written by Press Trust of India | Mumbai | Updated: Sep 24 2013, 17:39pm hrs
Coal India'CIL has not informed the exchanges as it should have.'
Global environmental lobby group Greenpeace on Monday filed a complaint with market regulator Sebi against Coal India, alleging that the worlds largest coal miner, which is slated to go in for a disinvestment soon, has overstated its extractable reserves by a good 16%.

CIL says its extractable reserves stand at 21.7 billion tonne whereas its own research subsidiary CMPDIL pegs it at 18.2 billion tonne, which is over 16% lower, Greenpeace's Ashish Fernandes told reporters here.

He said the research report was done in 2011, a year after the company's mega public issue and added the state-run CIL continues to claim its reserves at the inflated level.

CIL has not informed the exchanges as it should have. It is trying to deceive its present and future shareholders by hiding this fact," he claimed and said Greenpeace has formally complained to securities market watchdog Sebi last week in this regard.

When contacted, a CIL spokesperson said the Greenpeace report has been forwarded to CMPDIL and it will issue an official comment based on the reply from its research arm.