Year : 2010-11 - CCL

ANNUAL REPORT 2010-11 ________________________________________________________
c. A lecture cum informative
seminar on "Bid Rigging &
Competition” was organized on
21.2.2011 at Vichar Manch
Darbhanga House, Ranchi
wherein large number of
executives & non executives,
including CMD and CVO
participated. Sri Manoj Pandey,
IRS, Addl. Director General,
Competition Commission of
India (CCI), New Delhi
delivered the key note address.
Several indicative features
giving indication about Bid
Rigging in a bidding process
and vital techniques to evaluate
the said indicative was
discussed at length. The salient
features of Competition
Commission were also
explained with detailed case
studies. Issues relating to cartel
formation were also discussed.
Emphasis was also laid on open
and transparent system of
tendering.
34. CORPORATE GOVERNANCE
Your Company, as a Subsidiary of Coal
India Ltd., believes that great Companies are built
upon a rich legacy of fair, ethical and transparent
governance practices, many of which were in
place even before they were mandated by
adopting highest standards of professionalism,
honesty, integrity and ethical behaviour and other
good governance practices. As a Subsidiary of a
Maharatna Company (Coal India Ltd.), the
Corporate Governance practices being followed
by your Company are compatible with standards
and best practices. Corporate Governance is all
about effective management of relationships
among constituents of various stakeholders –
shareholders, management, employees,
customers, vendors, regulatory authorities and the
community at large. Your Company strongly
believes that this relationship can be strengthened
through corporate fairness, transparency and
accountability. Your Company places prime
44
importance on reliable financial information,
integrity, transparency, empowerment and
compliance with the laws in letter and spirit.
A report on Corporate Governance is placed
at Annexure-I and a Certification from Auditors
regarding compliance with the conditions of
Corporate Governance by your Company for the
year ended 31st March 2011 is also placed at
Annexure-II to this report.
Pursuant to office order no.
CIL:IX(D):04007:2010:1856 dtd.30.11/01.12.2010
of CGM(F)/Company Secretary, CIL , the Code
of Conduct for prevention of Insider Trading as
per Reg 12(1) of the SEBI (Prohibition of Insider
Trading) Regulations 1992 and as amended in
2008, has been circulated among the designated
employees of the Company, which includes
Directors, Chief Vigilance Officer, all Executive
Directors, all CGM’s & GM’s and all executives
working in the designated Departments of the
Company.
35. AVAILABILITY OF ANNUAL REPORT
AND ACCOUNTS AT THE H.Q. FOR
INSPECTION OF SHAREHOLDERS
As per the provisions of the General Circular
No. 2/2011 dated 8th February, 2011 issued by
the Ministry of Corporate Affairs, Government of
India, New Delhi and subsequent letter No.
CIL:XI(D):04032:2011:2255 dated 8th March,
2011, the Annual Accounts should be made
available at HQ for providing information to the
shareholders of CIL on demand.
Accordingly, the Annual Accounts of the
Company and the related detailed information
have been made available for the shareholders
of the Holding and Subsidiary Companies seeking
such information at any point of time. The Annual
Accounts of CCL have also been kept for
inspection by any Shareholder in the Head Office.
36. BOARD OF DIRECTORS:
During the year 2010-11, your Directors held
10(ten) Board Meetings. Your Company had the
following Directors on the Board including Nonofficial
Part-time Directors and Permanent
Invitees, as on 15.05.2010 i.e. the date of the
54th Annual General Meeting :