Rio Tinto defended its executive salary policy on Wednesday after proxy adviser Glass Lewisurged shareholders to vote against it and criticised the firm for paying out bonuses in 2017, a year when two employees died at work.
The Cabinet on Wednesday relaxed rules for state-owned Coal India Ltd for extraction of natural gas lying below coal seams in its blocks in a bid to quickly boost production.
“We are being befooled by the executive”, was what a “frustrated” Supreme Court said today while ruing the fact that around Rs one lakh crore worth of funds meant to protect the environment and benefit the people, was being diverted for other purposes.
Huaneng is working on the plan with China Datang Corp, Guangdong Yuedean Group and Zhejiang Energy, said Xu Zanfei, director of planning for Huaneng’s fuel department.
A Colorado-based coal company with mines in Montana and Wyoming is considering restructuring options, including filing for bankruptcy protection, after seeing demand drop and dealing with more than $1 billion in debt.
Pay scales of Coal India’s 17,000-odd executives — from junior levels right up to chairman’s post — are proposed to be more than doubled, although the increase would be smaller after accounting for the dearness allowance already being paid on top of the basic salary.
A $20 million international competition to make profitable products from a gas that otherwise would contribute to global warming has entered its final stretch.
The government has assured Coal India union leaders that the company would remain dominant even after private commercial mining begins, but workers have decided to go ahead with the April 16 strike.
Coal shortage is still affecting the efficacy or capacity utilisation (Plant Load Factor) of independent power projects in the country, which may lead to a spike in spot prices of electricity on exchanges this summer, according to experts.
The eastern power plants were dependent on South East Central Railway, which is already overburdened as coal is sent by it to plants in western and southern India.