Coal India CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 31 Aug 2026, 17 fund houses so far (houses' deadline to file 15 Oct 2026)

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

• To receive, consider and adopt: a. The Standalone Audited Financial Statements of the Company for the financial year ended March 31, 2026, and the Reports of the Board of Directors, Statutory Auditor and Comptroller and Auditor General of India thereon. b. The Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2026, and the Reports of Statutory Auditor and Comptroller and Auditor General of India thereon.MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundNon-disclosure of the audited financial statements of all subsidiaries on the website of the Company for FY 2025-26. Governance concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • DSP Mutual Fund, Jio BlackRock Mutual FundWe have relied on the auditors’ report, which has highlighted the following emphasis of matter: (i) presentation of levies through retrospective regrouping/restatement in certain states (Madhya Pradesh, West Bengal, Jharkhand), cess on coal computed on average production of preceding years and notified prices, with differences historically adjusted through an 'Equalization Fund' — consequent to the change, liability of such levies has been adjusted through retrospective restatement effective 1 April 2024 in the case of Central Coalfields Ltd (subsidiary), and in recognizing a deferred tax asset in Chhattisgarh East Railway Ltd (subsidiary of SECL), which was corrected by restating the financial statements; ii) The policy for recognizing stripping activity cost during the production phase, as per Appendix B of Ind AS 16, has been implemented during the year. Accordingly, a portion of the earlier provision has been systematically written back to the profit and loss account, with the balance to be adjusted in future periods. The matter involves technical estimates, and the auditors have relied on management’s representation and the audited subsidiary financials. The auditors have not modified their opinion to this extent. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. We note that the financial statements have been reviewed by the Comptroller & Auditor General of India, which has raised observations regarding some of the accounting practices adopted by the company.The board is not in compliance with regulatory norms on board independence. Further, due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee, and the Nomination and Remuneration Committee. While the auditor’s view on the financial statements is not modified, we believe that financial statements approved under such circumstances should not be supported until the governance framework is regularized and statutory compliance is ensured. Therefore, we do not support the resolution.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundUnqualified Financial Statements (Except certain non-material CARO observations). Non-Compliant with S.136(1) of the Companies Act & Regulation 46(2)(s) of SEBI LODR: Non-disclosure of the audited financial statements of all subsidiaries on the website of the Company for FY 2025-26. Governance concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • Sundaram Mutual FundWe have relied on the auditors’ report, which has highlighted the following emphasis of matter: (i) presentation of levies through retrospective regrouping/restatement in certain states (Madhya Pradesh, West Bengal, Jharkhand), cess on coal computed on average production of preceding years and notified prices, with differences historically adjusted through an 'Equalization Fund' — consequent to the change, liability of such levies has been adjusted through retrospective restatement effective 1 April 2024 in the case of Central Coalfields Ltd (subsidiary), and in recognizing a deferred tax asset in Chhattisgarh East Railway Ltd (subsidiary of SECL), which was corrected by restating the financial statements; ii) The policy for recognizing stripping activity cost during the production phase, as per Appendix B of Ind AS 16, has been implemented during the year. Accordingly, a portion of the earlier provision has been systematically written back to the profit and loss account, with the balance to be adjusted in future periods. The matter involves technical estimates, and the auditors have relied on management’s representation and the audited subsidiary financials. The auditors have not modified their opinion to this extent. We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. We note that the financial statements have been reviewed by the Comptroller & Auditor General of India, which has raised observations regarding some of the accounting practices adopted by the company. The board is not in compliance with regulatory norms on board independence. Further, due to the absence of the requisite number of Independent Directors, the company has not been able to reconstitute the Audit Committee, and the Nomination and Remuneration Committee. While the auditor’s view on the financial statements is not modified, we believe that financial statements approved under such circumstances should not be supported until the governance framework is regularized and statutory compliance is ensured. Therefore, we do not support the resolution.

  9 for8 against
• To confirm 1st, 2nd and 3rd Interim dividends paid @ Rs 5.50/-per share (55.00%), Rs. 10.25/- per share (102.50%) and Rs 5.50/- per share (55.00%) respectively on equity shares for the financial year 2025-26 and to declare the final dividend @ Rs. 5.25/-per share (52.50%) on equity shares for the financial year 2025-26.MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund

  • Angel One Mutual FundGovernance concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundCompliant with law. Sufficient funds to pay final dividend. Governance concern is raised in adoption of financial statements of the Company under resolution #1, dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR

  12 for5 against
• To appoint a director in place of Shri Mukesh Choudhary [DIN-07532479], Director (Marketing) who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and Article 39(j) of Articles of Association of the Company and being eligible, offers himself for reappointment.MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • HSBC Mutual FundWe have concerns about insufficient independence on the Audit committee.

  11 for6 against
• To authorize Board of Directors to fix the remuneration of the Statutory Auditors for FY 2026-27 as appointed by Comptroller and Auditor General of India (C&AG).

  17 for0 against
• Ratification of remuneration of the Cost Auditors for the Financial Year 2026-27. To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Section 148(3) and other applicable provisions of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 (including any other statutory modification(s) or re-enactment thereof for the time being in force) the remuneration of Rs. 5,00,000/-, out of pocket expenditures at actuals restricted to 50% of Audit fees and applicable taxes as set out in the explanatory statement to this Resolution and payable to M/s. Bandyopadhyaya Bhaumik & Co., Cost Auditor (Registration Number-000041) who were appointed as Cost Auditor by the Board of Directors of the Company to conduct the audit of the cost records of CIL (Standalone)for the FY 2026-27 be and is hereby ratified.” “RESOLVED FURTHER THAT the Executive Director (CS) be and is hereby authorized to file necessary forms with MCA as per applicable provisions of the Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund

  • Angel One Mutual FundGovernance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundCompliant with law. Governance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR

  11 for5 against
• Appointment of Shri Ashim Kumar Modi (DIN-11342680) as a Part time Official Director To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 152 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and provisions of any other guidelines issued by relevant authorities, Shri Ashim Kumar Modi (DIN-11342680),who was appointed by the Board of Directors as an Additional Director of the Company with effect from 15th October’ 2025 and who holds office upto the date of this Annual General Meeting in terms of Section 161(1) of Companies Act, 2013 and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013 proposing his candidature for the office of the Director, be and is hereby appointed as an Official Part time Director of the Company w.e.f. 15th October’ 2025 and until further orders, in terms of Ministry of Coal letter No. 21/3/2011-ESTT (B)(i) - dated 6th October 2025. He is liable to retire by rotation.” “RESOLVED FURTHER THAT the Executive Director (CS) be and is hereby authorized to file necessary forms with MCA as per applicable provisions of the Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundAshim Kumar Modi, 50, is currently working as Joint Secretary & Financial Advisor in the Ministry of Coal, Government of India. He is a 2000 batch officer of the Indian Revenue Service (IT). He has attended all eight (100%) board meetings from date of his first appointment. While his appointment as a Nominee Director is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director’s representation. We expect the Ministry of Coal to first address the board composition, before appointing their nominees on the board. We do not support the resolution. Further, while not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • HSBC Mutual FundWe have concerns about insufficient independence on the Audit, Remuneration, and Nomination committees.

  8 for9 against
• Appointment of Shri B. Sairam (DIN09784229) as a Whole time Director to function as Chairman-cum-Managing Director of the Company To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 152 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and provisions of any other guidelines issued by relevant authorities, Shri B. Sairam (DIN-09784229), who was appointed by the Board of Directors as an Additional Director of the Company with effect from 15th December, 2025 and who holds office upto the date of this Annual General Meeting in terms of Section 161(1) of the Companies Act, 2013 and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013 proposing his candidature for the office of the Director, be and is hereby appointed as a Whole time Director to function as Chairman-cum-Managing Director of the Company w.e.f 15th December, 2025 or until further orders, in terms of Ministry of Coal letter no. 21/3/2025-ESTABLISHMENT dated 15th December, 2025. He is not liable to retire by rotation.” “RESOLVED FURTHER THAT the Executive Director (CS) be and is hereby authorized to file necessary forms with MCA as per applicable provisions of the Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, Quantum Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Quantum Mutual FundThe company seeks shareholders’ approval to appoint B. Sairam as Whole time director designated as Chairperson and Managing Director. The company has not disclosed his proposed remuneration. However, we are of the view that a clubbed position of Chairman & MD may lead to concentration of power. Therefore, we do not favor his appointment.

  11 for6 against
• Appointment of Shri Asheesh Kumar [DIN: 10836997] as a Whole time Director to function as Director (Business Development) of the Company To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 152 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and provisions of any other guidelines issued by relevant authorities, Shri Asheesh Kumar [DIN: 10836997], who was appointed by the Board of Directors as an Additional Director of the Company with effect from 28th August, 2025 and who holds office upto the date of this Annual General Meeting in terms of Section 161(1) of the Companies Act, 2013 and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013 proposing his candidature for the office of the Director, be and is hereby appointed as a Wholetime Director to function as Director (Business Development), CIL of the Company w.e.f 28th August, 2025 and until further orders, in terms of Ministry of Coal letter No. 21/23/2024- ESTABLISHMENT-(B) dated 18th July, 2025. He is liable to retire by rotation.” 2 “RESOLVED FURTHER THAT the Executive Director (CS) be and is hereby authorized to file necessary forms with MCA as per applicable provisions of the Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.

  12 for5 against
• Appointment of Smt Sona Kumari (DIN 11835630) as an Independent Director of the Company To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: “RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 read with schedule IV and all other applicable provisions of the Companies Act, 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and provisions of any other guidelines issued by relevant authorities Smt Sona Kumari (DIN 11835630), who was appointed by the Board of Directors as an Additional Director of the Company with effect from 18th July, 2026 and who holds office upto the date of this Annual General Meeting in terms of Section 161(1) of the Companies Act, 2013 and who has submitted a declaration that she meets the criteria for independence as provided in Section 149(6) of the Act and Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations, as amended and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013 proposing her candidature for the office of the Director, be and is hereby appointed as an Independent Director of the Company for a period of 3 years w.e.f 18th July, 2026 and until further orders, in terms of Ministry of Coal letter No. 21/21/2022-Estt(B) dated 15th July, 2026. She is not liable to retire by rotation.” “RESOLVED FURTHER THAT the Executive Director (CS) be and is hereby authorized to file necessary forms with MCA as per applicable provisions of the Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, Old Bridge Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundNon-Compliance and Transparency concern: The Company has not disclosed age of the appointee as required under Secretarial Standard–2 (SS-2) read with the Companies Act, 2013. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundMs. Sona Kumari has served as a teacher at Shri Guru Ram Rai Saraswati Shishu Mandir and has been associated with national-level committees. She also mentors NGOs engaged in education and social upliftment. She holds a degree in Sociology from Kuwait University. Public sources indicate she has political affiliations. We believe her political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of her profile. We do not support the resolution.
  • Edelweiss Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Old Bridge Mutual FundNo concern on the merits of director. Non-Compliance and Transparency concern: The Company has not disclosed age of the appointee as required under Secretarial Standard–2 (SS-2) read with the Companies Act, 2013. Governance concern: Term of appointment is ambiguous and against spirit of the law.
  • HSBC Mutual FundWe have concerns about insufficient independence on the Audit, Remuneration, and Nomination committees. We have concerns about the lack of independence of the Audit, Remuneration, and Nomination Committees' Chair. We are voting against this new non-independent non-executive director as the level of board independence falls below our expectation. Sona Kumari's limited leadership/board experience raises concerns on her potential contribution to the board.
  • Quantum Mutual FundThe company seeks shareholders’ approval to reappoint Ms. Sona Kumari as an Independent Director for three years from 18 July 2026 or until further orders. Public sources indicate she has held position of BJP Delhi outfit’s as its Vice President. We do not favour her reappointment due to her political association.

  7 for10 against

Mutual fund votes, meeting of 28 Aug 2025, 36 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

• To receive,consider and adopt: a. The Standalone Audited Financial Statements of the Company for the financial year ended March 31, 2025,including the Audited Balance Sheet as on March 31, 2025,and the Statement of Profit & Loss for the year ended on that date and the Reports of the Board of Directors,Statutory Auditor and Comptroller and Auditor General of India thereon. b.The Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2025,including the Audited Balance Sheet as on March 31, 2025 and the Statement of Profit & Loss for the year ended on that date and the Reports of Statutory Auditor and Comptroller and Auditor General of India thereon.MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNon-disclosure of financial statements of all Subsidiaries on website.
  • Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified Financial Statements (except certain non-material remarks identified in CARO report). Non-Compliant with Companies Act, 2013 and SEBI LODR Regulations: Non-disclosure of financial statements of all Subsidiaries for FY 2024-25 on website.
  • PPFAS Mutual FundNon-disclosure of financial statements of all Subsidiaries for FY 2024-25 on website. Financial statements for 2 subsidiaries - Coal India Africana Limitada & Coal Gas India Limited have not been uploaded on the website.

  28 for8 against
• To confirm 1st and 2nd Interim dividend paid @ Rs 15.75/-per share (157.50%)and Rs 5.60/- per share(56.00%) respectively on equity shares for the financial year 2024-25 and to declare the final dividend @ Rs. 5.15/-per share (51.50%)on equity shares for the financial year 2024-25.MoreLess

  35 for0 against
• To appoint a director in place of Dr. Vinay Ranjan [DIN- 03636743], Director(HR) who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and Article 39(j) of Articles of Association of the Company and being eligible, offers himself for reappointment.MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that the board independence is less than adequate, and Vinay Ranjan is a non-independent director nominee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors.

  25 for10 against
• To authorize Board of Directors to fix the remuneration of the Statutory Auditors for FY 2025-26 as appointed by Comptroller and Auditor General of India (C&AG)

  36 for0 against
• To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Section 148(3) and other applicable provisions of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 (including any other statutory modification(s) or re-enactment thereof for the time being in force) the remuneration of Rs. 5,00,000/-, out of pocket expenditures at actuals restricted to 50% of Audit fees and applicable taxes as set out in the explanatory statement to this Resolution and payable to M/s. Bandyopadhyaya Bhaumik & Co Cost Auditor (Registration Number-000041) who were appointed as Cost Auditor by the Board of Directors of the Company to conduct the audit of the cost records of CIL (Standalone)for the FY 2025-26 be and is hereby ratified.” “RESOLVED FURTHER THAT the Company Secretary be and is hereby authorized to file necessary forms with MCA as per applicable provisions of Companies Act, 2013 read with Rules thereunder.”MoreLess

  33 for0 against
• To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Regulation 24A & other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) read with Circulars issued thereunder from time to time and Section 204 and other applicable provisions of the Companies Act, 2013, if any read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (“the Act”), M/s T Chatterjee & Associates, Practising Company Secretaries (Firm Registration Number P2007WB067100) be and is hereby appointed as Secretarial Auditor of the Company for one term of 5 consecutive years, from April 1, 2025 to March 31, 2030 (‘the Term’), on such terms & conditions, including remuneration as may be determined by the Board of Directors (hereinafter referred to as the ‘Board’ which expression shall include any Committee thereof or person(s) authorized by the Board). RESOLVED FURTHER THAT approval of the Members is hereby accorded to the Board to avail or obtain from the Secretarial Auditor, such other services or certificates or reports which the Secretarial Auditor may be eligible to provide or issue under the applicable laws at a remuneration to be determined by the Board. “RESOLVED FURTHER THAT the Company Secretary be and is hereby authorized to file necessary forms with MCA as per applicable provisions of Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, LIC Mutual FundTransparency Concern: The Company has not disclosed the audit fee paid to outgoing Auditor and if there is any material change in the proposed audit fee and justification for material change if any.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of proposed Auditors. Transparency Concern: The Company has not disclosed the audit fee paid to outgoing Auditor and if there is any material change in the proposed audit fee and justification for material change if any.
  • Kotak Mahindra Mutual FundThe company has not disclosed the proposed remuneration for M/s T Chatterjee and Associates, as secretarial auditors, which is a regulatory requirement. Hence, we do not support the resolution.

  27 for8 against
• To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 152 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and provisions of any other guidelines issued by relevant authorities, Smt. Rupinder Brar (DIN-08584254),who was appointed by the Board of Directors as an Additional Director of the Company with effect from 1st January’ 2025 and who holds office upto the date of this Annual General Meeting in terms of Section 161(1) of Companies Act, 2013 and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013 proposing her candidature for the office of the Director, be and is hereby appointed as an Official Part time Director of the Company w.e.f. 1st January’ 2025 and until further orders, in terms of Ministry of Coal letter No. 21/3/2011-BA/Estt- dated 1st Jan’ 25. She is liable to retire by rotation.” “RESOLVED FURTHER THAT the Company Secretary be and is hereby authorized to file necessary forms with MCA as per applicable provisions of Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.
  • Axis Mutual Fund, Bank of India Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundMs. Rupinder Brar is Additional Secretary in the Ministry of Coal. She is a 1990 batch officer of the Indian Revenue Service. She has also served as Commissioner of Income Tax in Mumbai and Delhi. While her appointment as a Nominee Director is in line with statutory requirements, we are unable to support her appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Coal to first address the board composition, before appointing their nominees on the board. We do not support the resolution. Further, while not required under the regulations, we expect the company to seek shareholders’ approval within three months of the board appointment.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that the board independence is less than adequate, and Rupinder Brar is a non-independent director nominee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders approval.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors. The company has delayed in seeking shareholder approval.
  • WhiteOak Capital Mutual FundMs. Rupinder Brar is Additional Secretary in the Ministry of Coal. We are unable to support her appointment on the board as the board composition is not compliant with regulations on independent director representation. We do not support the resolution.

  15 for20 against
• To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 152 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and provisions of any other guidelines issued by relevant authorities, Shri Achyut Ghatak [DIN: 08923591], who was appointed by the Board of Directors as an Additional Director of the Company with effect from 23rd January’ 2025 and who holds office upto the date of this Annual General Meeting in terms of Section 161(1) of Companies Act, 2013 and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013 proposing his candidature for the office of the Director, be and is hereby appointed as a Wholetime Director to function as Director(Technical), CIL of the Company w.e.f 23rd January’ 2025 and until further orders, in terms of Ministry of Coal letter No. 21/23/2023- ESTABLISHMENT-(B) dated 23rd Januray’ 2025. He is liable to retire by rotation.” “RESOLVED FURTHER THAT the Company Secretary be and is hereby authorized to file necessary forms with MCA as per applicable provisions of Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that the board independence is less than adequate, and Achyut Ghatak is a non-independent director nominee who also serves on the audit committee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • LIC Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors. Delayed shareholders approval.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors. The company has delayed in seeking shareholder approval.

  25 for10 against
• To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: "RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 read with Schedule IV and any other applicable provisions of the Companies Act, 2013 as amended from time to time and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and provisions of any other guidelines issued by relevant authorities, Shri Bhojarajan Rajeshchander, [DIN: 02065422], who was appointed by the Board of Directors as an Additional Director in the capacity of an Independent Director with effect from 28th March, 2025 and who holds office up to the date of this Annual General Meeting in terms of Section 161(1) of Companies Act, 2013, who has submitted a declaration that he meets the criteria for independence as provided in Section 149(6) of the Act and Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations, as amended and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013, proposing his candidature for the office of the Director, be and is hereby appointed as an Independent Director for a period of one year with effect from 28th March, 2025 or until further orders, in terms of Ministry of Coal letter no. 21/21/2022-Estt dated 28th March’ 2025. He is not liable to retire by rotation. “RESOLVED FURTHER THAT the Company Secretary be and is hereby authorized to file necessary forms with MCA as per applicable provisions of Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Quantum Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’approval. Term of appointment is ambiguous.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • Franklin Templeton Mutual FundA vote AGAINST Bhojarajan Rajeshchander re-election is recommended because the company continues to be one of the largest greenhouse gas emitters and is not aligned with investors expectation of Net Zero by 2050 targets and committment. Given his role as a member and former Chair of the CSR Committee, which is responsible for sustainability decisions, he is accountable for the lack of progress on these issues.
  • HSBC Mutual FundThe nominee is a CSR committee member and the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval. Term of appointment is ambiguous and against spirit of the law.
  • Quantum Mutual FundWe do not have any concern on the profile, time commitments, independence and attendance of Mr. Bhojarajan Rajeshchander. However, he is being re-appointed as an independent director for a period of 1 year, with a proviso that he will hold the position till the completion of term or until further order, whichever is earlier. We are of the view that the tenure of 1 year is too short for an ID to make any significant contribution towards the affairs of the Company. Such a practice effectively defeats the spirit behind the law for appointment of independent director. We also highlight that the ID term is ambiguous and is at prerogative of the management and is against the spirit of law. Further, once the director(s) has been appointed, he/ she can only be removed by shareholders after passing a special resolution in a general meeting and not by any administrative order. Therefore, we do not favour the reappointment.

  24 for9 against
• To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: "RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 read with Schedule IV and any other applicable provisions of the Companies Act, 2013 as amended from time to time and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and provisions of any other guidelines issued by relevant authorities, Shri Punambhai Kalabhai Makwana, [DIN: 09385881], who was appointed by the Board of Directors as an Additional Director in the capacity of an Independent Director with effect from 28th March, 2025 and who holds office up to the date of this annual general meeting in terms of Section 161(1) of Companies Act, 2013, who has submitted a declaration that he meets the criteria for independence as provided in Section 149(6) of the Act and Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations, as amended and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013, proposing his candidature for the office of the Director, be and is hereby appointed as an Independent Director for a period of one year with effect from 28th March, 2025 or until further orders, in terms of Ministry of Coal letter no. 21/21/2022-Estt dated 28th March’ 2025. He is not liable to retire by rotation. “RESOLVED FURTHER THAT the Company Secretary be and is hereby authorized to file necessary forms with MCA as per applicable provisions of Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’approval. Term of appointment is ambiguous.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundPunambhai Makwana, 68, is an industrialist and agriculturalist based in Gujarat. He was an Independent Director on the board of Coal India from 2 November 2021 till 1 November 2024 and was reappointed for a second term of one year from 28 March 2025. He attended nine out of nine (100%) board meetings held in his tenure in FY25. Punambhai Makwana served as an MLA from the Dasada constituency in Gujarat from 2012 to 2017. He has also worked as a parliament secretary of Govt of Gujarat from 2015-2017. He has been affiliated with the Bharatiya Janta Party (BJP) in various capacities. We do not support his appointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Canara Robeco Mutual FundPunambhai Makwana, 68, is an industrialist and agriculturalist based in Gujarat. He was an Independent Director on the board of Coal India from 2 November 2021 till 1 November 2024 and was reappointed for a second term of one year from 28 March 2025. He attended nine out of nine (100%) board meetings held in his tenure in FY25. Given his limited expertise in the sector, we do not support his appointment.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that the nominee is associated with a political party and the presence of director with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • HSBC Mutual FundThese nominees are associated with a political party and the presence of directors with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board. We are voting against this chair of the Sustainability Committee as per our coal and energy policies. We believe this is in the interest of shareholders.
  • Invesco Mutual FundPunambhai Makwana, 68, is an industrialist and agriculturalist based in Gujarat. He was an Independent Director on the board of Coal India from 2 November 2021 till 1 November 2024 and was reappointed for a second term of one year from 28 March 2025. He attended nine out of nine (100%) board meetings held in his tenure in FY25.Punambhai Makwana served as an MLA from the Dasada constituency in Gujarat from 2012 to 2017. He has also worked as a parliament secretary of Govt of Gujarat from 2015-2017. He has been affiliated with the Bharatiya Janta Party (BJP) in various capacities. We do not support his appointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus.Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval. Term of appointment is ambiguous and against spirit of the law.
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments .Governance concern: Delayed Shareholders’ approval.
  • PPFAS Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments
  • Quantum Mutual FundWe do not have any concern on the attendance of Mr. Punambhai Makwana. However, he is being re-appointed as an independent director for a period of 1 year, with a proviso that he will hold the position till the completion of term or until further order, whichever is earlier. We are of the view that the tenure of 1 year is too short for an ID to make any significant contribution towards the affairs of the Company. Such a practice effectively defeats the spirit behind the law for appointment of independent director. We also highlight that the ID term is ambiguous and is at prerogative of the management and is against the spirit of law. Further, once the director(s) has been appointed, he/ she can only be removed by shareholders after passing a special resolution in a general meeting and not by any administrative order.Further, as per public sources indicate that he has association with a political party. We believe the political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, on the basis of above concerns, we do not favour the resolution.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundPunambhai Makwana, 68, is an industrialist and agriculturalist based in Gujarat. He attended nine out of nine (100%) board meetings held in his tenure in FY25. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.

  11 for25 against
• To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: "RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 read with Schedule IV and any other applicable provisions of the Companies Act, 2013 as amended from time to time and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and provisions of any other guidelines issued by relevant authorities, Shri Kamesh Kant Acharya, [DIN: 09386642], who was appointed by the Board of Directors as an Additional Director in the capacity of an Independent Director with effect from 28th March, 2025 and who holds office up to the date of this Annual General Meeting in terms of Section 161(1) of Companies Act, 2013, who has submitted a declaration that he meets the criteria for independence as provided in Section 149(6) of the Act and Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations, as amended and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013, proposing his candidature for the office of the Director, be and is hereby appointed as an Independent Director for a period of one year with effect from 28th March, 2025 or until further orders, in terms of Ministry of Coal letter no. 21/21/2022-Estt dated 28th March’ 2025. He is not liable to retire by rotation. “RESOLVED FURTHER THAT the Company Secretary be and is hereby authorized to file necessary forms with MCA as per applicable provisions of Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law.
  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments Governance concern: Delayed Shareholders’approval. Term of appointment is ambiguous.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundKamesh Kant Acharya, 56, is a chartered accountant and has more than 20 years of experience in statutory audits, tax audits, tax planning, advisory, project financing, corporate finance, and fund restructuring. Currently, he is a senior partner at ASKM & Associates. He was an Independent Director on the board of Coal India from 2 November 2021 till 1 November 2024 and was reappointed for a second term of one year from 28 March 2025. He is also a social activist and motivational speaker and has political affiliations. We do not support his appointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months.
  • Canara Robeco Mutual FundKamesh Kant Acharya, 56, is a chartered accountant and has more than 20 years of experience in statutory audits, tax audits, tax planning, advisory, project financing, corporate finance, and fund restructuring. Currently, he is a senior partner at ASKM & Associates. He was an Independent Director on the board of Coal India from 2 November 2021 till 1 November 2024 and was reappointed for a second term of one year from 28 March 2025. Given his limited expertise in the sector, we do not support his appointment.
  • Invesco Mutual FundKamesh Kant Acharya, 56, is a chartered accountant and has more than 20 years of experience in statutory audits, tax audits, tax planning, advisory, project financing, corporate finance, and fund restructuring. Currently, he is a senior partner at ASKM & Associates. He was an Independent Director on the board of Coal India from 2 November 2021 till 1 November 2024 and was reappointed for a second term of one year from 28 March 2025. He is also a social activist and motivational speaker and has political affiliations. We do not support his appointment as an Independent Director as we believe his political affiliation may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed these affiliations as a part of his profile. We do not support the resolution. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval. Term of appointment is ambiguous and against spirit of the law.
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorships, no consecutive terms between the two appointments .Governance concern: Delayed Shareholders’ approval.
  • Quantum Mutual FundWe take note that the independent directors are being appointed for a period of 1 year, with a proviso that he will hold the position till the completion of term or until further order, whichever is earlier. We are of the view that the tenure of 1 year is too short for an ID to make any significant contribution towards the affairs of the Company. Such a practice effectively defeats the spirit behind the law for appointment of independent director. We also highlight that the ID term is ambiguous and is at prerogative of the management and is against the spirit of law. Further, once the director(s) has been appointed, he/ she can only be removed by shareholders after passing a special resolution in a general meeting and not by any administrative order. Further, as per public sources indicate that the all the appointees have association with political parties. We believe the political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, based on the above concerns, we do not favour the resolution.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundKamesh Kant Acharya, 56, is a chartered accountant, associated as a senior partner at ASKM & Associates. He was an Independent Director on the board of Coal India from 2 November 2021 till 1 November 2024 and was reappointed for a second term of one year from 28 March 2025. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought prior approval for his reappointment or at the very least within three months. We recommend voting against the proposed appointment

  13 for21 against
• To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: "RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 read with Schedule IV and any other applicable provisions of the Companies Act, 2013 as amended from time to time and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and provisions of any other guidelines issued by relevant authorities, Smt. Mamta Palariya [DIN-07749007], who was appointed by the Board of Directors as an Additional Director in the capacity of an Independent Director with effect from 28th March, 2025 and who holds office up to the date of this annual general meeting in terms of Section 161(1) of Companies Act, 2013, who has submitted a declaration that she meets the criteria for independence as provided in Section 149(6) of the Act and Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations, as amended and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013, proposing her candidature for the office of the Director, be and is hereby appointed as an Independent Director for a period of one year with effect from 28th March, 2025 or until further orders, in terms of Ministry of Coal letter no. 21/21/2022-Estt dated 28th March’ 2025. She is not liable to retire by rotation. “RESOLVED FURTHER THAT the Company Secretary be and is hereby authorized to file necessary forms with MCA as per applicable provisions of Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous. Appointment as Independent Director for a period of only one year.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundMs. Mamta Palariya, 63, is an Advocate and has been practicing in Civil Court, Haldwani (Uttarakhand) since 1986. Public sources indicate she is associated with the Bharatiya Janata Party (BJP). We believe her political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support her appointment. The company should have disclosed these affiliations as a part of her profile. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought approval for her appointment within three months of joining the board.
  • Canara Robeco Mutual FundMs. Mamta Palariya, 63, is an Advocate and has been practicing in Civil Court, Haldwani (Uttarakhand) since 1986. Given her limited expertise in the sector, we do not support the appointment.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that the nominee is associated with a political party and the presence of director with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • HSBC Mutual FundThese nominees are associated with a political party and the presence of directors with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • Invesco Mutual FundMs. Mamta Palariya, 63, is an Advocate and has been practicing in Civil Court, Haldwani (Uttarakhand) since 1986. Public sources indicate she is associated with the Bharatiya Janata Party (BJP). We believe her political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support her appointment.
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
  • Quantum Mutual FundWe take note that the independent directors are being appointed for a period of 1 year, with a proviso that he will hold the position till the completion of term or until further order, whichever is earlier. We are of the view that the tenure of 1 year is too short for an ID to make any significant contribution towards the affairs of the Company. Such a practice effectively defeats the spirit behind the law for appointment of independent director. We also highlight that the ID term is ambiguous and is at prerogative of the management and is against the spirit of law. Further, once the director(s) has been appointed, he/ she can only be removed by shareholders after passing a special resolution in a general meeting and not by any administrative order. Further, as per public sources indicate that the all the appointees have association with political parties. We believe the political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, based on the above concerns, we do not favour the resolution.
  • UTI Mutual FundPublic sources suggest she is politically affiliated.
  • WhiteOak Capital Mutual FundMs. Mamta Palariya, 63, is an Advocate and has been practicing in Civil Court, Haldwani (Uttarakhand) since 1986. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought approval for her appointment within three months of joining the board. We do not support the resolution.

  12 for24 against
• To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: "RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 read with Schedule IV and any other applicable provisions of the Companies Act, 2013 as amended from time to time and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and provisions of any other guidelines issued by relevant authorities Shri Satyabrata Panda [DIN- 02736534], who was appointed by the Board of Directors as an Additional Director in the capacity of an Independent Director with effect from 30th April’ 2025 and who holds office up to the date of this Annual General Meeting in terms of Section 161(1) of Companies Act, 2013, who has submitted a declaration that he meets the criteria for independence as provided in Section 149(6) of the Act and Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations, as amended and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013, proposing his candidature for the office of the Director, be and is hereby appointed as an Independent Director for a period of one year with effect from 30th April’ 2025 or until further orders, in terms of Ministry of Coal letter no. 21/21/2022-Estt dated 30th April’ 2025. He is not liable to retire by rotation. “RESOLVED FURTHER THAT the Company Secretary be and is hereby authorized to file necessary forms with MCA as per applicable provisions of Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Governance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous. Appointment as Independent Director for a period of only one year.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundSatyabrata Panda is a Journalist and editor at Economic Quarterly Journal “Bhumi”. He is also a member of Board of Governors, IIT Bhubaneswar. He has completed his M.A. in Economics from Utkal University. Public sources indicate he is associated with the Bharatiya Janata Party (BJP). We believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support his appointment. The company should have disclosed these affiliations as a part of his profile. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought approval for his appointment within three months of joining the board.
  • Canara Robeco Mutual FundSatyabrata Panda is a Journalist and editor at Economic Quarterly Journal “Bhumi”. He is also a member of Board of Governors, IIT Bhubaneswar. He has completed his M.A. in Economics from Utkal University. Given his limited expertise in the sector, we do not support his appointment.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that the nominee is associated with a political party and the presence of director with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • HSBC Mutual FundThese nominees are associated with a political party and the presence of directors with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.
  • Invesco Mutual FundSatyabrata Panda is a Journalist and editor at Economic Quarterly Journal “Bhumi”. He is also a member of Board of Governors, IIT Bhubaneswar. He has completed his M.A. in Economics from Utkal University. Public sources indicate he is associated with the Bharatiya Janata Party (BJP). We believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, we do not support his appointment. The company should have disclosed these affiliations as a part of his profile. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought approval for his appointment within three months of joining the board. We do not support the resolution.
  • LIC Mutual FundGovernance concern: Delayed Shareholders approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Term of appointment is ambiguous and against spirit of the law. Appointment as ID for a period of only one year.
  • Quantum Mutual FundWe take note that the independent directors are being appointed for a period of 1 year, with a proviso that he will hold the position till the completion of term or until further order, whichever is earlier. We are of the view that the tenure of 1 year is too short for an ID to make any significant contribution towards the affairs of the Company. Such a practice effectively defeats the spirit behind the law for appointment of independent director. We also highlight that the ID term is ambiguous and is at prerogative of the management and is against the spirit of law. Further, once the director(s) has been appointed, he/ she can only be removed by shareholders after passing a special resolution in a general meeting and not by any administrative order. Further, as per public sources indicate that the all the appointees have association with political parties. We believe the political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. Therefore, based on the above concerns, we do not favour the resolution.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundSatyabrata Panda is a Journalist and editor at Economic Quarterly Journal “Bhumi”. He is also a member of Board of Governors, IIT Bhubaneswar. He has completed his M.A. in Economics from Utkal University. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought approval for his appointment within three months of joining the board.We recommend voting against the proposed appointment

  12 for24 against
• To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 152 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force) and provisions of any other guidelines issued by relevant authorities, Shri Ashish Chatterjee (DIN-07688473),who was appointed by the Board of Directors as an Additional Director of the Company with effect from 24th July’ 2025 and who holds office upto the date of this Annual General Meeting in terms of Section 161(1) of Companies Act, 2013 and in respect of whom the Company has received a notice in writing from a Member under Section 160(1) of the Companies Act, 2013 proposing his candidature for the office of the Director, be and is hereby appointed as an Official Part time Director of the Company w.e.f. 24th July’ 2025 and until further orders, in terms of Ministry of Coal letter No. 21/3/2011-BA/ESTT (B)- dated 24th July’ 25. He is liable to retire by rotation.” “FURTHER RESOLVED THAT the Company Secretary be and is hereby authorized to file necessary forms with MCA as per applicable provisions of Companies Act, 2013 read with Rules thereunder.”MoreLess

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Angel One Mutual Fund, LIC Mutual Fund, Nippon India Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundAshish Chatterjee, 52, an Indian Administrative Service Officer, is Additional Secretary & Financial Advisor in the Ministry of Steel, Government of India. He has over two decades of experience across state and central government roles. While his appointment as a Nominee Director is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Coal to first address the board composition, before appointing their nominees on the board. We do not support the resolution. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought approval for his appointment within three months of joining the board.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that the board independence is less than adequate, and Ashish Chatterjee is a non-independent director nominee.
  • HSBC Mutual FundThe nominee is not considered independent and the overall board independence falls below our expectation.
  • Invesco Mutual FundAshish Chatterjee, 52, an Indian Administrative Service Officer, is Additional Secretary & Financial Advisor in the Ministry of Steel, Government of India. He has over two decades of experience across state and central government roles. While his appointment as a Nominee Director is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the Ministry of Coal to first address the board composition, before appointing their nominees on the board. We do not support the resolution. Although public sector enterprises are exempt from the requirement, as a good practice, the company should have sought approval for his appointment within three months of joining the board.We do not support the resolution.
  • PPFAS Mutual FundBoard is non-compliant with the requirement of requisite number of Independent Directors.
  • WhiteOak Capital Mutual FundAshish Chatterjee, 52, an Indian Administrative Service Officer, is Additional Secretary & Financial Advisor in the Ministry of Steel, Government of India. We are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We do not support the resolution.

  14 for21 against
• Material Related Party Transactions with Hindustan Urvarak Rasayan Limited (HURL), for FY 2025-26. To consider, and if thought fit, to pass the following resolutions as Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), other applicable laws, and amendments, modifications or related party transactions and on dealing with related party transactions’ of the Company, as may be applicable, consent of the members be and is hereby accorded to the Board of Directors (hereinafter referred to as “Board”, which term shall include any duly authorized Committee constituted / empowered by the Board, from time to time, to exercise its powers conferred by this resolution), for continuation(s) or extension(s) or renewal(s) or modification(s) of earlier arrangements / transactions or as a fresh and independent transaction(s) or otherwise, whether entered into individually or taken together with previous transactions with Hindustan Urvarak Rasayan Limited, a Joint Venture Company of Coal India Limited, during financial year 2025-26, notwithstanding the fact that all related party transactions during the year 2025-26, may exceed ₹1000 crore or such other threshold limits as may be specified in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 or any other applicable statute from time to time and subsequent material modifications, if any, with Hindustan Urvarak Rasayan Limited(HURL) relating to sale of any goods/ materials and/ or rendering of services and/ or purchase of any goods/ materials and/ or availing of services and/ or making capital contribution and/ or providing loan and/ or guarantee and/ or transfer of other resources/ services/ obligations.” “FURTHER RESOLVED THAT the Board be and is hereby authorized to delegate all or any of its powers to any Committee of Directors and/or Director(s) and/or official(s) of the Company or to any other person(s) so authorized by it and to do all such acts, deeds, matters and things, the Board may in its absolute discretion deem necessary, including but not limited to finalizing the terms and conditions, methods and modes, finalizing and executing necessary documents, including contracts, schemes, agreements and such other papers, documents as may be required, filing of any relevant documents and making representations, seeking all necessary approvals from relevant authorities, to give effect to aforesaid resolution, for and on behalf of the Company and settling all such issues, questions, difficulties or doubts, whatsoever that may arise without being required to seek further consent or approval of the members to the intent that the members shall be deemed to have given their approval thereto expressly by the authority of this resolution.”MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: Basis for Arm’s Length pricing not disclosed. Ambiguity regarding prior approval.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Basis for Arm’s Length pricing not disclosed. Ambiguity regarding prior approval.
  • LIC Mutual FundGovernance & Transparency Concern: Basis for Arm s Length pricing not disclosed. Ambiguity regarding prior approval.

  18 for6 against
• Material Related Party Transactions with Hindustan Urvarak Rasayan Limited, for FY 2026-27. To consider, and if thought fit, to pass the following resolutions as Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), other applicable laws, and amendments, modifications or related party transactions and on dealing with related party transactions’ of the Company, as may be applicable, consent of the members be and is hereby accorded to the Board of Directors (hereinafter referred to as “Board”, which term shall include any duly authorized Committee constituted / empowered by the Board, from time to time, to exercise its powers conferred by this resolution), for continuation(s) or extension(s) or renewal(s) or modification(s) of earlier arrangements / transactions or as a fresh and independent transaction(s) or otherwise, whether entered into individually or taken together with previous transactions with Hindustan Urvarak Rasayan Limited, a Joint Venture Company of Coal India Limited, during financial year 2026-27, notwithstanding the fact that all related party transactions during the year 2026-27, may exceed ₹1000 crore or such other threshold limits as may be specified in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 or any other applicable statute from time to time and subsequent material modifications, if any, with Hindustan Urvarak Rasayan Limited(HURL) relating to sale of any goods/ materials and/ or rendering of services and/ or purchase of any goods/ materials and/ or availing of services and/ or making capital contribution and/ or providing loan and/ or guarantee and/ or transfer of other resources/ services/ obligations.” “FURTHER RESOLVED THAT the Board be and is hereby authorized to delegate all or any of its powers to any Committee of Directors and/or Director(s) and/or official(s) of the Company or to any other person(s) so authorized by it and to do all such acts, deeds, matters and things, the Board may in its absolute discretion deem necessary, including but not limited to finalizing the terms and conditions, methods and modes, finalizing and executing necessary documents, including contracts, schemes, agreements and such other papers, documents as may be required, filing of any relevant documents and making representations, seeking all necessary approvals from relevant authorities, to give effect to aforesaid resolution, for and on behalf of the Company and settling all such issues, questions, difficulties or doubts, whatsoever that may arise without being required to seek further consent or approval of the members to the intent that the members shall be deemed to have given their approval thereto expressly by the authority of this resolution.”MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: Basis for Arm’s Length pricing not disclosed.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Basis for Arm’s Length pricing not disclosed.
  • LIC Mutual FundGovernance & Transparency Concern: Basis for Arm s Length pricing not disclosed.

  18 for6 against
• Material Related Party Transactions with Talcher Fertilizers Limited(TFL), for FY 2025-26. To consider, and if thought fit, to pass the following resolutions as Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), other applicable laws, and amendments, modifications or related party transactions and on dealing with related party transactions’ of the Company, as may be applicable, consent of the members be and is hereby accorded to the Board of Directors (hereinafter referred to as “Board”, which term shall include any duly authorized Committee constituted / empowered by the Board, from time to time, to exercise its powers conferred by this resolution), for continuation(s) or extension(s) or renewal(s) or modification(s) of earlier arrangements / transactions or as a fresh and independent transaction(s) or otherwise, whether entered into individually or taken together with previous transactions with Talcher Fertilizers Limited(TFL), a Joint Venture Company of Coal India Limited, during financial year 2025-26, notwithstanding the fact that all related party transactions during the year 2025- 26, may exceed ₹1000 crore or such other threshold limits as may be specified in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 or any other applicable statute from time to time and subsequent material modifications, if any, with Talcher Fertilizers Limited(TFL) relating to sale of any goods/ materials and/ or rendering of services and/ or purchase of any goods/ materials and/ or availing of services and/ or making capital contribution and/ or providing loan and/ or guarantee and/ or transfer of other resources/ services/ obligations.” “FURTHER RESOLVED THAT the Board be and is hereby authorized to delegate all or any of its powers to any Committee of Directors and/or Director(s) and/or official(s) of the Company or to any other person(s) so authorized by it and to do all such acts, deeds, matters and things, the Board may in its absolute discretion deem necessary, including but not limited to finalizing the terms and conditions, methods and modes, finalizing and executing necessary documents, including contracts, schemes, agreements and such other papers, documents as may be required, filing of any relevant documents and making representations, seeking all necessary approvals from relevant authorities, to give effect to aforesaid resolution, for and on behalf of the Company and settling all such issues, questions, difficulties or doubts, whatsoever that may arise without being required to seek further consent or approval of the members to the intent that the members shall be deemed to have given their approval thereto expressly by the authority of this resolution.”MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: Basis for Arm’s Length pricing not disclosed. Ambiguity regarding prior approval.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Basis for Arm’s Length pricing not disclosed. Ambiguity regarding prior approval.
  • LIC Mutual FundGovernance & Transparency Concern: Basis for Arm s Length pricing not disclosed. Ambiguity regarding prior approval.

  17 for6 against
• Material Related Party Transactions with Talcher Fertilizers Limited(TFL) for FY 2026-27. To consider, and if thought fit, to pass the following resolutions as Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), other applicable laws, and amendments, modifications or related party transactions and on dealing with related party transactions’ of the Company, as may be applicable, consent of the members be and is hereby accorded to the Board of Directors (hereinafter referred to as “Board”, which term shall include any duly authorized Committee constituted / empowered by the Board, from time to time, to exercise its powers conferred by this resolution), for continuation(s) or extension(s) or renewal(s) or modification(s) of earlier arrangements / transactions or as a fresh and independent transaction(s) or otherwise, whether entered into individually or taken together with previous transactions with Talcher Fertilizers Limited(TFL), a Joint Venture Company of Coal India Limited, during financial year 2026-27, notwithstanding the fact that all related party transactions during the year 2026-27, may exceed ₹1000 crore or such other threshold limits as may be specified in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 or any other applicable statute from time to time and subsequent material modifications, if any, with Talcher Fertilizers Limited(TFL) relating to sale of any goods/ materials and/ or rendering of services and/ or purchase of any goods/ materials and/ or availing of services and/ or making capital contribution and/ or providing loan and/ or guarantee and/ or transfer of other resources/ services/ obligations.” “FURTHER RESOLVED THAT the Board be and is hereby authorized to delegate all or any of its powers to any Committee of Directors and/or Director(s) and/or official(s) of the Company or to any other person(s) so authorized by it and to do all such acts, deeds, matters and things, the Board may in its absolute discretion deem necessary, including but not limited to finalizing the terms and conditions, methods and modes, finalizing and executing necessary documents, including contracts, schemes, agreements and such other papers, documents as may be required, filing of any relevant documents and making representations, seeking all necessary approvals from relevant authorities, to give effect to aforesaid resolution, for and on behalf of the Company and settling all such issues, questions, difficulties or doubts, whatsoever that may arise without being required to seek further consent or approval of the members to the intent that the members shall be deemed to have given their approval thereto expressly by the authority of this resolution.”MoreLess

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance & Transparency Concern: Basis for Arm’s Length pricing not disclosed.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Basis for Arm’s Length pricing not disclosed.
  • LIC Mutual FundGovernance & Transparency Concern: Basis for Arm s Length pricing not disclosed.

  20 for6 against

• Fine or penaltyCentral Ground Water AuthoritySince 25 Aug 2025

  (Under Protest) Non-compliance of CGWA NOC condition

  Non-compliance with CGWA NOC condition with respect to Gauri Pauni OC
• Fine or penaltyCentral Ground Water AuthoritySince 25 Aug 2025

  (Under Protest) Non-compliance of CGWA NOC condition

  Non-compliance with CGWA NOC condition with respect to Dhuptala OC
• Fine or penaltyCentral Ground Water AuthoritySince 25 Aug 2025

  (Under Protest) Non-compliance of CGWA NOC condition

  Non-compliance with CGWA NOC condition with respect to Durgapur Rayatwari Colliery
• Fine or penaltyCentral Ground Water AuthoritySince 25 Aug 2025

  (Under Protest) Non-compliance of CGWA NOC condition

  Non-compliance with CGWA NOC condition with respect to Mana Incline UG mine
• Fine or penaltyNSE & BSESince 25 Aug 2026

  Penalty imposed for Non-Compliance of 17(1), 17(2A), 18(1), 19(1)/19(2), 20(2), 20(2A), 21(2)

  Regulation 17(1): Non-compliance with the requirements pertaining to the composition of the Board including failure to appoint woman director. Regulation 17(2A): Non-compliance with the requirements pertaining to quorum of Board meetings. Regulation 18(1): Non-compliance with the constitution of audit committee. Regulation 19(1)/19(2): Non-compliance with the constitution of nomination and remuneration committee. Regulation 20(2)/20(2A): Non-compliance with the constitution of Stakeholder Relationship Committee. Regulation 21(2): Non-compliance with the constitution of risk management committee.MoreLess
• Tax disputeCentral Excise & Customs Nagpur in Western Coalfields LimitedSince 27 Jan 2013
  Pending at CESTAT Mumbai Tax: 5.99cr, Interest: 26.86cr, Penalty: 65.92 cr, Redemption Fine: 2,306.75cr Total: 2,405.52cr
  At the filing before: Pending at CESTAT Mumbai
• Tax disputeDistrict Mineral Officer in Central Coalfields LimitedSince 23 Jun 2025
  First hearing on 11.03.2026 Tax: 0.31cr, Total: 0.31cr
  At the filing before: First hearing on 11.03.2026
• Tax disputeDistrict Mineral Officer in Central Coalfields LimitedSince 8 Sep 2016
  Payment of 40% of demand of Rs.12,060,168.00 (Including interest of Rs.4824067.00 depostied before Dy.Commissioner, Mines Hazaribagh for filing of appeal on 28.03.2018. The order is yet to be passed by Dy. Commissioner, Hazaribagh Tax: 1.21cr, Total: 1.21crMoreLess
  At the filing before: Payment of 40% of demand of Rs.12,060,168.00 (Including interest of Rs.4824067.00 depostied before Dy.Commissioner, Mines Hazaribagh for filing of appeal on 28.03.2018. The order is yet to be passed by Dy. Commissioner, HazaribaghMoreLess

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

No

The board has a regular chairperson

Yes

The company has a risk management committee

Yes

The chair is related to the managing director

Yes

The filing has a part on fines and penalties

Yes

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.