TCI-CIL tussle likely to be resolved soon
The hedge fund has filed two separate cases in the Delhi and Calcutta high courts levelling serious allegations of coal ministry's interference in the functioning of CIL and the failure of company's directors to perform their duties with adequate care and skill leading to substantial financial losses.
“We met coal minster this afternoon. there was great willingness and understanding to resolve the issue. Our meeting with the finance minister last week has also been positive,” said Oscar Veldhuijzen of TCI.
He said the hedge fund moved the courts only after direct interference by the coal ministry in pricing became very evident but refused to speak further as matter is sub judice. At a hearing in the Delhi high court on Friday, the court gave four-weeks time to TCI to respond to the Centre’s reply that it did not interfere on the issue of coal pricing.
TCI had moved the court earlier alleging that coal ministry was not allowing independent functioning of CIL and interfered regularly on pricing much against the interest of the hedge fund management.
The UK-based entity had earlier 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
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