The draft Mining Bill, cleared by the Union Cabinet on Friday, directs coal companies to share 26% of its post-tax profits with those affected. Seen as an initiative to benefit tribals, this Bill is expected to be introduced in the winter session of the Parliament. Some experts believe that this Bill will hurt Coal India the most.
Adding to its woes is the country wide strike called by Coal India employees to protest against poor financial benefits. Chairman NC Jha has currently announced Rs 17,000 as bonus for each employee against the workers' demand of Rs 25,000. The Tatas also suffered a setback this week with the Calcutta High Court ruling the Singur Land Rehabilitation and Development Act asDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
