TCI-CIL tussle likely to be resolved soon
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Further, by failing to raise FSA coal prices to market levels, the directors have cost CIL a staggering R215,250 crore in pre-tax profits since the IPO, it alleged.
It had alleged that losses were caused by decisions to reverse a price increase made in 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.
"90% of such profits could have flowed to the Indian people in dividends, and such sums could easily have funded free electricity for all Indian households," TCI had said.
TCI is the largest shareholder after the government in CIL with a holding of close to 1% in the company.