CIL making clandestine profit: ex-chairman
January 19th, 2012 - 9:49 pm ICT by IANSKolkata, Jan 19 (IANS) Coal India Ltd (CIL), the world’s single largest coal producer, was Thursday accused by one of its former officials of misusing monopolistic power and making clandestine profit by adopting a new pricing policy.
“The new pricing policy has been made in haste. The new policy is totally against the promises made by the government and CIL that the new mechanism will be revenue neutral,” former chairman Shashi Kumar said.
“They have misused their monopolistic powers and using it to hide their inefficiency. The corporation, which has of late not performed well, will clandestinely make a profit of about Rs.9,000 crore through this pricing policy,” he said.
Kumar said the new pricing policy was detrimental to the economic growth of the country and demanded it be rolled back.
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Tags: coal india ltd, coal producer, crore, economic growth, haste, inefficiency, jan 19, monopolistic power, promises