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Journalism of Courage
The Childrens Investment Fund Management (TCI),a UK-based investor that has a lawsuit pending against Coal India Ltd (CIL),has sold nearly 19 per cent of its shareholding in the company since April,a CIL source said.
TCI,which held 1.1 per cent of the equity in the state miner as of March 31,making it the second-biggest public shareholder in the firm after LIC,has sold nearly 12 million shares,or nearly a fifth of its holding,since April.
The government owns 90 per cent of CIL. They have been selling regularly since April. The holding stands at 0.81 per cent now, the company source said.
TCI head Chris Hohn declined to comment. We never comment on our trading, he said in an email to Reuters.
The fund has made public protests since the government last year forced Coal India to reverse a price hike. It filed a writ petition in the Delhi high court and a lawsuit in the Kolkata high court against Coal Indias directors.
The lawsuit also names the government as a party,saying it abused its powers as majority shareholder.
