Coal India appoints 5 Independent Directors; 2 posts still vacant

The five independent directors - Loretta Mary Vas, Vinod Jain, D C Panigrahi, Khanindra Pathak and Satish Balaram Agnihotri - have been appointed for a period of three years with effect from 17th November 2015, Coal India said in a filing to the BSE.

Coal India Ltd. (CIL) on Tuesday announced appointment of five independent directors, filling five of seven posts that had been lying vacant for over a year.

Seven posts of independent directors were vacant since September 2014. 

The five independent directors - Loretta Mary Vas, Vinod Jain, D C Panigrahi, Khanindra Pathak and Satish Balaram Agnihotri - have been appointed for a period of three years with effect from 17th November 2015, Coal India said in a filing to the BSE.

Total strength of Coal India board is 14.

Meanwhile, eight investment banks, including HSBC, ICICI Securities and SBI Capital, have filed bids to manage a 10 per cent stake sale in Coal India.

Other investment banks include Axis Capital, Elara Capital, Edelweiss, Kotak Investment Banking and JM Financial. 

The Department of Divestment will decide this week on the timeline for hiring five merchant bankers to manage the Coal India share sale, according to reports.