“We have to see how much we can increase production to meet the commitment. CIL will do the imports if it is inevitable,” chairman and managing director designate S Narsing Rao said
New Delhi: In a bid to meet the obligations of supplying a minimum assured quantity of coal to power producers under the presidential directive, Coal India may resort to imports, reports PTI quoting its chairman and managing director designate S Narsing Rao.
“We have to see how much we can increase production to meet the commitment. CIL will do the imports if it is inevitable,” Mr Rao, who is currently heading state-run Singareni Collieries, told PTI.
The company earlier had expressed inability to import saying it was not in the business of importing coal.
The government on 3rd April issued a presidential directive to the Maharatna PSU to sign fuel supply agreements (FSAs) with the power producers assuring them of at least 80% of the committed coal delivery.
The directive came in the wake of Coal India failing to meet the deadline of 31st March, set by the Prime Minister’s Office (PMO) for CIL to enter into FSAs with power producers for minimum assured supply.
When asked about the options of imports following PMO’s directives to ink FSAs, CIL’s acting chairperson Zohra Chatterji in February had said, “We are not in the business of importing coal... it is one of the ways to meet the demand theoretically.”
Mr Rao, who is due to take the charge of the company shortly, said the PSU would weigh various options of importing coal that will include direct imports, if required.
“Coal India may import directly. At the same time there are public sector undertakings like MMTC which are there for a long time in the business. They have expertise... All options we should see if that (import) is inevitable...” Mr Rao said.
Asked, how, he views the presidential directive at a time when the company is battling on various fronts including delays in regulatory clearances, Mr Rao said, “It is a very logical directive. They are only saying that supply more coal.”
Mr Rao, who was handed over the appointment letter for Coal India’s top post on 4th April, added that apart from imports, the company may also think of diverting coal meant for e-auction to power firms.
The Rs50,000 crore PSU is the largest domestic producer of dry-fuel and recorded an output of 435.84 million tonnes (MT) of coal in the just-concluded fiscal, missing its revised target of 447 MT.
It’s production is almost stagnant for the last three years as the company says it is battling to get various regulatory clearances for expansion to augment production.
According to the CAG report, which is yet to be tabled in the legislature, 11 Maharashtra legislators had declared their monthly income ranging from Rs2,500 to Rs12,500 to acquire large flats under the government quota in Ashirwad Co-operative Housing Society in suburban Mumbai
Mumbai: Eleven Maharashtra legislators indicted in the yet-to-be-released CAG (Comptroller and Auditor General) report, had declared their monthly income ranging from Rs2,500 to Rs12,500 to acquire large flats under the government quota in Ashirwad Co-operative Housing Society in suburban Mumbai, reports PTI.
According to the CAG report, which is yet to be tabled in the legislature, the legislators include deputy speaker Vasant Purke, EGS minister Nitin Raut, water resources (Krishna Valley) minister Ramraje Naik Nimbalkar and culture minister Sanjay Deotale.
Mr Purke, who was the EGS minister at the time of allotment, had declared a total monthly family income from all sources of Rs2,500.
Mr Nimbalkar had declared an income of Rs5,500, while Mr Deotale had shown his income as Rs12,500. Both were MLAs at the time of the allotment.
Mr Raut showed his family monthly income of Rs12,500.
The other MLAs include Anilkumar Kher (Rs5,300), Jayant Sasane (Rs 5,400), Sudarshan Nimkar (Rs 4,000), Naresh Thakre (Rs 8,000), Ajit Ghorpade (Rs 10,000) and Sanjay Deshmukh (Rs 6,600).
The report says, minister of state Ranjit Kamble and former MLA Chandrakant Chhajed own flats both in Rajyog and Ashirwad Co-operative Housing Societies.
Bhagyashree Patil, wife of co-operative minister Harshvardhan Patil, had declared her income as Rs6,000 per month. The report says that while she was entitled to 41.82 sq meter of carpet area, she got 99.67 sq meter carpet area.
“Husband of the same member is the chief promoter and member of Rajyog CHS,” the report said. However, Mr Patil told reporters that he was only the promoter of Rajyog and not a member.
The report said, as per the monthly income declared by the legislators, they were entitled to 27.87 to 60.40 sq meters carpet area only. However, flats of carpet area of 99.67 sq meters were allotted to them.
After making the same mistakes as his predecessors, Madhu Kannan has quit BSE, saddling it with an expensive and inexperienced management team
On Tuesday, Madhu Kannan, Managing Director and CEO of the Bombay Stock Exchange (BSE) announced plans to quit and join the Tata Group. This was just a day after the Securities and Exchange Board of India (SEBI) announced the new policy framework for stock exchanges, depositories and clearing corporations. It may be a coincidence, but the timing of Kannan’s decision seems to suggest he is throwing in the towel when his attempt to shake the National Stock Exchange’s monopoly had clearly failed.
Mr Kannan, the hotshot imported from New York (he had worked at Merrill Lynch which imploded in 2008 and New York Stock Exchange before that) to turn around a sinking BSE has left it much weaker and more dangerously poised. BSE is saddled with a lop-sided pay structure and a deep divide between a tiny and extremely expensive top management team which has little expertise in running markets (far from turning around sinking bourses) and the rest of the staff. Mr Kannan has repeated the same mistakes of his predecessors, who quit under controversial circumstances and that too, by inflicting a much higher cost to the exchange.
BSE’s shareholders, who are mainly brokers, watched silently in the hope that he would manage to list the exchange at a good valuation and give them a good exit price. Mr Kannan’s expensive management team, comprising a number of US citizens (some of Indian origin), were expected to attract foreign institutional investors to invest. However, SEBI’s new rule of pre-empting 25% of the profit every year is a big damper and worried shareholders and staff are beginning to ask questions. Interestingly, the BSE’s average daily turnover was around Rs6,400 when Mr Kannan took over in 2009 and has shrunk to just Rs2,800 crore. Profits are also down, although the salaries of its top brass have sky-rocketed. This is probably something that Mr Kannan brought from the New York Stock Exchange (NYSE) and Merrill Lynch. Consider the messy trail Mr Kannan leaves behind:
This is BSE’s third failed experiment with a SEBI-supervised / chosen professional management team. Strangely enough, this does not seem affect its “public interest directors” or its board. While there are many angry and unhappy shareholders and employees at the bourse, the exchange’s board of directors seems to be unconcerned. BSE is set to sink further unless its true owners – the stock brokers who hold most of the shares – wake up and act collectively.