TCI moves Del HC against Coal India, govt

After threatening to do so for over two months, the UK-based The Children’s Investment Fund (TCI) has finally moved the Delhi High Court against Coal India and the govt, reports CNBC-TV18.

TCI's petition raises coal pricing and corporate governance issues. TCI has been saying it will seek judicial recourse ever since a presidential directive to Coal India committed 80% of coal supplies to the power sector.

Meanwhile, the Coal India Board is going to meet tomorrow to deliberate on the issues related to signing of the fuel supply agreements (FSAs) with power firms, including coal imports and changes in the penalty clause of new FSAs.

The Board meeting, scheduled to be held in Kolkata, may also discuss pooling of coal prices in case the state-owned coal producer goes for imports of the dry fuel to meet the demand, sources said.

While Coal India says it can not guarantee more than 65% of required coal as minimum assured supply, power producers have been pitching for keeping it at 80% levels.