Coal India: Still in the pits

On Tuesday, the board of Coal India Limited decided to pay a dividend of Rs 18,000 crore to its shareholders. Since the Central government is a 90 per cent shareholder in the company, it earned Rs 16,875 crore. The sum will almost complete its budget target of raising Rs 73,875 crore as dividend and profit from public sector enterprises. In the normal course, there could have been no quibble about a majority shareholder earning a large dividend, but FY14 is not a normal year.

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