State-run Coal India has no independent director on its board after shareholders did not approve the appointments of the remaining three -- R N Trivedi, Noor Mohammad and Indranil Manna -- who were brought in by the previous UPA regime.
Coal India, which had its Annual General Meeting (AGM) yesterday, had moved resolutions seeking ratification of their appointment. Presently, the government shareholding in the coal mining company is 89.65 per cent.
However, the company in a BSE filing today said shareholders did not approve their appointments, hence they have ceased to be directors of the company with effect from September 10.
These three independent directors were left after two former Coal Secretaries Alok Perti and C Balakrishnan resigned earlier this week from the Board of Coal India.
A former Principal Secretary of Uttar Pradesh Government, Trivedi joined Coal India Board in October last year.
Mohammad, who retired from Indian Administrative Service in July 2011, joined the CIL Board in December last year.
Manna, a Director in IIT, Kanpur, was appointed on Coal India Board on February 6 this year.
"...The shareholders of the company did not approve appointment of three Independent Directors - Dr R N Trivedi, Dr Noor Mohammad and Prof Indranil Manna for the balance of their tenure at AGM.
Previously, Shri Prakash had quit Coal India Board on September 3 even though the company had moved a resolution seeking confirmation of his appointment for three years.
Prakash was appointed on Coal India board on February 6 this year.
"The board cannot take large investment decisions till new independent directors were appointed," the filing added.
"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 in the company had earlier said.
Earlier, the Narendra-Modi government had sacked four independent directors of IOC and nine other such appointees on board of ONGC, MRPL and HPCL are being sought to be removed.
