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5 independent directors’ posts fall vacant at CIL

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PSU takes up issue with Coal Ministry

The posts of five independent directors at Coal India Ltd. have fallen vacant together, following the expiry of their tenure, the PSU said in a regulatory filing on Tuesday. CIL said the matter had been taken up with the Union Coal Ministry.

The five directors are Loretta M. Vyas, S.B. Agnihotri, D.C. Panigrahi, Khanindra Pathak and Vinod Jain. They were among CIL’s seven independent directors.

While Ms. Vyas and Mr. Agnihotri had served in the Indian Administrative Service, Mr. Pathak is a well-known mining expert and Mr. Jain is a chartered accountant.

Their term (re-appointment for a year) expired on November 16, 2019.

They were appointed in November 2015 for a period of three years.

CIL has four functional directors in charge of marketing, technical, personnel and finance, besides the chairman and managing director. The vacancies come at a time when CIL, which produces over 80% of India’s coal, is struggling to increase its output. October was its third straight month of production decline. Between April and October 2019, CIL produced 280.4 million tonnes, 8.5% lower than a year ago.

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Printable version | Dec 11, 2019 10:33:19 PM | https://www.thehindu.com/business/5-independent-directors-posts-fall-vacant-at-cil/article30019684.ece

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