A meeting of Coal Mines Officers’ Association of India, attended by officers from across the country, today resolved that Coal India Limited (CIL), currently comprising seven subsidiary companies, be merged into a single entity.
The association’s general secretary K.P. Singh told The Telegraph that a single entity would help save hundreds of crores in form of annual corporate tax paid to exchequers, which in turn would help release resources for other CIL activities. “Barring Eastern Coalfields Limited and Bharat Coking Coal Limited, other subsidiaries are profit-making units, forced to pay hundreds of crores every year as corporate tax,” Singh said.
In case all seven subsidiaries are merged, losses grossed by Eastern Coalfields and Bharat Coking Coal could be offset by profits of others which would reduce the tax burden.
Today’s meeting also opposed a CIL decision to not pay performance-related pay allowance to executives of loss-making firms. Since, all executives are CIL appointees, the panel demanded that irrespective of the place of posting, every staff be paid uniformly.
The meeting further opposed CIL’s decision to stop payment of coalfield allowance to officers posted in coal-fields. This allowance has being paid since 1974.
“We have opposed a proposal that seeks to transfer executives currently in E-3 grade to E-4 grade,” he added.
Source: Calcutta Telegraph
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