CIL cancels planned board meeting

KOLKATA: Coal India has decided to defer its board meeting that was planned for tomorrow.

"Initially, we were planning to hold a board meeting on September 18 but later decided not to go ahead," Coal India Chairman S Narsing Rao said.

However, CIL's annual general meeting for Wednesday will go ahead as scheduled.

Asked whether the miner was unable to hold a board meeting without independent directors, Rao said: "As long as there is quorum, it is possible."

The company does not have any independent director on board since August 23. CIL had six independent directors against an approved strength of seven.

The current board has only executive directors and government directors with a total strength of nine.

According to reports, share buyback issue of Coal India was supposed to have been discussed in the board for consideration.

Reports suggested the government was contemplating resorting to share buyback option for CIL to raise around Rs 10,000 crore.