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News Topical, Digital Desk : The vacant posts of six independent directors in the board of directors of Coal India's unit BCCL ( BPCL Listing ) need to be filled quickly so that its listing process can be completed quickly. BPCL Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited (CIL), had filed documents with the capital market regulator Securities and Exchange Board of India (SEBI) as well as BSE and NSE in May to launch an IPO.
Roadshow in final leg
The Ministry of Coal has informed Cabinet Secretary T.V. Somanathan that there are currently six vacant independent director positions on the Board of Directors of BCCL, which need to be filled expeditiously to expedite the listing process.
The Ministry of Coal also informed the Cabinet Secretary that it is in the process of listing BCCL, for which road shows are in the final stages.
Another company will be listed
SEBI mandates that all independent directors must be appointed before filing the 'red herring prospectus' (document for an IPO). Central Mine Planning and Design Institute Limited (CMPDI), another subsidiary of CIL, has also filed for an IPO.
BCCL is a coal-producing subsidiary and CMPDI is a technical unit of Coal India. Coal India contributes over 80 percent of domestic coal production.
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