Coal news and updates

SLC-LT seeks Dhariwal’s shareholding pattern

November 10: The Standing Linkage Committee (Long-Term), at its latest meeting, has asked Dhariwal Infrastructure to submit the shareholding pattern before and after its name change as well as the quantum of investments made before and after the change in the shareholding pattern. The panel said, if the shares were sold at a premium, the total share premium quantum and its utilisation may also be given, an official release informed.

The panel said after receipt of the above documents, the matter will be examined.

The SLC-LT also asked Dhariwal Infrastructure, which had sought a change in the name of the company, as to why it had not taken the prior approval of the Ministry of Coal (MoC) before effecting the name change as it involved change in the shareholding pattern.

It may be recalled that Dhariwal Infrastructure had sought a long-term linkage from SECL for its 4x135 MW plant. But later, the plant capacity was changed to 600 MW and on the recommendations of the CEA, the committee had authorised issuance of LoA for 330 MW as the one for 270 MW had already been issued earlier.

However, the company, in 2013, sought a name change from Dhariwal Infrastructure Private Limited to Dhariwal Infrastructure Limited. However, the competent authority did not agree to the request since, it indicated that the share transfer violated several clauses in the LoA with SECL. Moreover, the entire shareholding of Dhariwal Infrastructure Private Limited had been transferred to Haldia Energy Limited, itself a subsidiary of CESC, without the prior approval of MoC.