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Journalism of Courage
The Childrens Investment Fund Management (TCI),stating that the meeting with Ministry of Coal on Tuesday remained inconclusive, is set to file a case in the Indian Courts in July against Coal India Limited and its board.
The hedge fund said that its meeting with Alok Perti,secretary,MoC did not yield the desired result. TCI said that the ministry admitted that it is interfering in fuel supply agreement (FSA) negotiations and also agreed that Coal India Limited is free to set coal prices,but that is not enough and is vague.
He added that TCI has two clear demands. One is to make a public commitment as to by when they are going to price all coal through markets and second is commitment on coal washing. Other than this the damage compensation issue also remained unresolved.
The ministry of coal did not actually indicate how they were going to compensate us for damages caused by interfering in coal prices… We will pursue to resolve this through court because we have a very strong legal case, Oscar Veldhuijzen,partner,TCI,told The Indian Express.
Meanwhile,coal minister Sriprakash Jaiswal said,Pricing issues are decided by the CIL Board as it is a maharatna company and is empowered to do so. When CIL had filed its Draft Red Herring Prospectus,it declares that the interests of the government may conflict with interests of other shareholders.
