HC gives The Children's Investment time to respond to Coal India issue
The petitioner (TCI) is allowed to file the rejoinder (to the reply of Ministry of Coal) within four weeks. List the matter for hearing on May 9," Justice Rajiv Shakdher said.
Earlier, TCI had moved the high court alleging that the Ministry of Coal has not been allowing the PSU, CIL, to function independently as a company and the interference on coal pricing has been detrimental to the commercial interests of the hedge-fund management.
The Centre, however, in its reply has denied the allegations levelled by TCI.
TCI also moved the Calcutta High Court, in October this year, against the directors of CIL alleging they failed to perform their duties with adequate care and skill leading to substantial financial loss for the PSU major.
It has alleged that losses were caused by decisions to reverse a price increase made on December 31, 2011, failing to raise coal prices to market levels and failing to take steps to increase and streamline production, causing loss of revenue and leading to coal blocks being allocated to third parties.
It has also alleged that the directors failed to take an appropriate stand against the draft mining bill and alleged failure to stop theft of coal.
TCI had also claimed in a press statement that by
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