Fund’s litigation likely to douse Coal India

The stock of Coal India (CIL) will come under some pressure this week as UK-based The Children’s Investment Fund has filed a case with the Calcutta High Court against the company, all of its mining subsidiaries and directors on CIL board. The British hedge fund holding 1.01 per cent interest in CIL reportedly demanded “heavy’ compensation for the losses it claims to have suffered due to the company’s decisions that it termed were against the interest of minority shareholders. The Government of India is also a party to the case, for influencing the company’s decisions. While the Court refuses to pass any interim order, it asked the company to submit its reply by November 30. The case will come up for hearing on December 12, after the fund’s response.