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Coal India reviewing CCI order, will take ‘appropriate’ steps: CMD

State-run Coal India today said it is reviewing CCI's order that imposed a fine of Rs 1,773 crore on the firm and stated it would take "appropriate" steps to protect its interest. The Competition Commission of India has slapped a fine of Rs 1,773 crore on Coal India for allegedly abusing dominant position in supply of the dry fuel. Coal India's Chairman and Managing Director S Narsing Rao said that a lot of issues came up for discussion in the board meeting, including the Competition Commission of India (CCI) slapping a fine of Rs of Rs 1,773 on the PSU.

"We discussed lot of things. We discussed CCI (penalty) case, financial performance and overall performance," Rao said. Asked if the company would appeal with the appellate authority against the CCI order, the Coal India CMD said, "We will take appropriate steps to protect the interest of the company. We are reviewing that order." He said that the issue of special dividend which was not deliberated today would come up for discussion during the third quarter results likely in February. "The board has been traditionally taking a call on payment of any interim or special dividend during the time it approves the third quarter results. Our third quarter results would be sometime between 10th to 15th February...So that time certainly the board will take a call on the interim dividend," said. On the proposed strike by Coal India trade unions against the government's proposal of stake sale in the PSU he said, "We have discussed (it) with them. We have made an appeal to them not to disrupt this process. If there are any outstanding issues we will discuss mutually resolve amicably. This is the appeal we made four to five days back both in writing and orally. I am sure they are responding to that appeal." Coal India's trade unions had on Sunday announced postponing their scheduled three strike beginning tomorrow.

Source: PTI