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CIL board likely to discuss TCI issue today

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Coal India is likely to discuss in the board meeting today the issue of lawsuit filed by The Children’s Investment (TCI) Fund Management of the UK against the company.

"We will discuss the matter," an independent director of the board told PTI on the condition of anonymity.

TCI has filed a lawsuit in the Calcutta High Court against CIL directors for alleged breach of fiduciary duties and for failing to perform their functions with adequate care and skill.

According to sources, TCI issue was not on the scheduled agenda, but was expected to be discussed as there was nothing major except some matters of Fuel Supply Agreement.

In August, TCI filed a writ petition against the government and CIL to quash the presidential directive issued in April. It also sought similar action against the directive by coal ministry to revise the price hike made last December.

TCI had also held the directors responsible for an estimated notional loss of Rs 8,700 crore of pre-tax profit by the end of this fiscal due to reversal of the price hike, and also Rs 2,15,250 crore in losses suffered since CIL went public by not selling coal at market rates to linkage customers.



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