Shares of Coal India fell 2 percent intraday on Thursday as investors grow worried on impending workers' strike. According to CNBC-TV18, Coal India workers' union is planning to go on strike protesting against coal ordinance and company’s divestment plans.
It is learnt that Coal India union is planning to protest around December 12-16. The union is going to decide date of strike when coal ordinance placed in the Parliament.
Meanwhile, the government cleared a Bill on coal block auctions to replace an ordinance that was promulgated to begin auction of coal mines that were cancelled by the Supreme Court. The bill to replace the Coal Mines (Special Provisions) Ordinance, 2014 is likely to be brought before the Parliament during the ongoing winter session.
Government through the ordinance started the process of auctioning at least 74 operational or ready-to-operate blocks with the target of allocating them by March, well before the deadline set by Supreme Court for companies operating the mines to wind up operations. The ordinance has been opposed by the central trade unions, including BJP-affiliated trade union Bhartiya Mazdoor Sangh (BMS).
BMS as also AITUC, CITU, HMS and INTUC have jointly opposed the government's proposal to allow private players to mine coal and sell it in the open market, a right till now reserved with the state-owned Coal India Limited. The ordinance has also come under attack from Left parties. Meanwhile government has already said that the 74 coal mines, which government plans to auction to specific end-users in the first phase of bidding on February 11, will not require any green clearances.
At 13:31 hrs Coal India was quoting at Rs 353.20, down Rs 4.00, or 1.12 percent on the BSE.
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