Two independent directors of CIL quit ahead of AGM

As the NDA government weeds out appointments made by previous UPA regime, two independent directors on board of Coal India Ltd (CIL) resigned, a day ahead of company's shareholder meeting. Former coal secretaries Alok Perti and C Balakrishnan quit ahead of CIL'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 CIL board on October 31, 2013 and Balakrishnan on December 19 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 with NDA government communicating to the UPA-appointees that their services are no longer required, the two quit.

Read the Economic Times news report here.