Coal news and updates

Eastern Coalfields’ BIFR hearing on Monday

September 9: Eastern Coalfields Ltd (ECL), a wholly owned subsidiary of Coal India Ltd (CIL), expects to obtain the official seal on its financial turnaround soon as the management goes to attend the next hearing of the Board for Industrial and Financial Reconstruction (BIFR) on September 15, 2014.

According to company sources, top ECL officials, including company directors would attend the meeting to be held in Delhi.

The management had in April 2014 stated that it expects to get out of the purview of BIFR in 2014-15, two years ahead of schedule.

ECL was first referred to the BIFR in 1997 after its accumulated losses exceeded its net worth. In 1998, the company turned around after a financial restructuring, which involved the conversion of debts into equity, was undertaken by Coal India.

ECL was once again referred to the BIFR in 1999.