Coal India workers demand roll back of foreign stake

At a time when the Coal India Ltd (CIL) management is facing heat from the second largest shareholder, its workers have stepped in to support the company demanding a rollback of all foreign stake.

“These foreign institutional investors (FII) are working in their own interest. It calls upon the coal workers and the trade union movements in the Industry to organize nationwide campaign for rolling back of all foreign stake. It is necessary for securing energy security in this country,” said All India Coal Workers Federation General Secretary Jibon Roy.

The Children’s Investment Fund (TCI) has threatened to take legal action against individual directors for failing in their fiduciary duties to protect the interest of minority investors. The Kolkata-based firm’s decision to rollback price hike had infact prompted TCI to come out with such a statement.

“A foreign investor has no right to decide on CIL. This company has to take into account of all the stakeholders in the energy sector as it is the largest fuel source. It cannot work on the whims and fancies of a minority foreign investor, as they will look into their profit only,” said Nathulal Pandey, president of HMS-affiliated Hind Khadan Mazdoor Federation.

Not just the workers, even the officers are keen to avoid the FII’s interest in the company. “We are ready to buy those shares. These foreign firms are not ready to understand that the production is not going up because the firm is not able to get clearances from various ministries,” said the Coal Mines Officers Association of India (CMOAI) president Sukhdev Narain Singh.

According to unions, the TCI “unhappiness” started since the management of CIL and the unions had signed the 9th. National Coal Wage Agreement on 31st January this year. Roy however alleged that the government is still mum on the issue, “even after the said FII has been calling the people to join their campaign against CIL and the government.”“We wish the coal workers and people to close their arms to frustrate any foreign power exploiting the domestic institutional aberrations or corruption for subverting India’s Economy, specially its ‘Energy and Food Security’, which the TCI adventured,” Roy added.