2 Coal India directors resign on AGM-eve
10 Sept 2014 6:26 AM IST
Former Coal Secretaries Alok Perti and C Balakrishnan quit ahead of Coal India Ltd's annual general meeting (AGM) on Wednesday where the company was seeking ratification of their appointments for a three-year term. Perti was appointed on Coal India board on 31 October, 2013 and Balakrishnan on 19 December last year. As per Companies Act, all appointments of directors to a company board have to be ratified by its shareholders.
Coal India had moved a resolution for seeking ratification of their appointment and but with NDA government communicating to the UPA-appointees that their services are no longer required, the two quit.
‘Alok Perti and C Balakrishnan who were appointed as non-official part time Directors on the Board of CIL by Ministry of Coal for a period of three years ... have tendered their resignation w.e.f. 08 September, 2014 and 09 September, 2014 respectively,’ the coal major said in a filing to the BSE.
Previously, Prakash had quit Coal India board on 3 September even though the company had moved a resolution seeking confirmation of his appointment for three years.
Prakash was appointed on Coal India board on 6 February this year. ‘The government has given an indication to all independent directors appointed during UPA regime to resign.
The directors did not want to face humiliation and resigned from the post,’ a source said.
Coal India had moved a resolution for seeking ratification of their appointment and but with NDA government communicating to the UPA-appointees that their services are no longer required, the two quit.
‘Alok Perti and C Balakrishnan who were appointed as non-official part time Directors on the Board of CIL by Ministry of Coal for a period of three years ... have tendered their resignation w.e.f. 08 September, 2014 and 09 September, 2014 respectively,’ the coal major said in a filing to the BSE.
Previously, Prakash had quit Coal India board on 3 September even though the company had moved a resolution seeking confirmation of his appointment for three years.
Prakash was appointed on Coal India board on 6 February this year. ‘The government has given an indication to all independent directors appointed during UPA regime to resign.
The directors did not want to face humiliation and resigned from the post,’ a source said.
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