Taking up the petition, Justice I P Mukerjee directed CIL to file its affidavit in opposition to the contentions of TCI, which is a shareholder in the PSU, by November 30.
The court directed TCI to file its affidavit in reply to it by December 12, when the matter would be taken up for hearing.
TCI claimed that CIL directors took some decisions that have led to significant losses for CIL, in which TCI claims to be the largest investor after the government of India.
TCI alleged that losses were caused by decisions to reverse a price increase made on December 31, 2011, failing to raise coal prices to market levels and failing to take appropriate steps to increase and streamline production causing loss of revenue and leading to coal blocks being allocated to third parties.
The petition also alleged that the directors failed to take an appropriate stand against the draft mining bill and alleged failure to stop theft of coal.
The UK-based petitioner claimed in a press statement that by the end of current fiscal, "CIL will have lost Rs 8,700 crores (USD 1.75 bn) in pre-tax profits by reversing the price increase of December 31, 2011.
"Further, by failing to raise FSA coal prices to market levels, the directors have cost CIL a staggering Rs 215,250 crore (USD 43 bn) in pre-tax profits since the IPO," the statement alleged.
