As Coal India Ltd (CIL) gears up for investment roadshows in overseas markets including Hong Kong and Singapore beginning tomorrow, the public sector major has suffered a major embarrassment due to a faux pas over the share buyback programme by its subsidiaries.
While valuation exercises for the shares of three of its mining subsidiaries were found to be erroneous, that swelled the value of each shares many times more, another of its subsidiary, Central Coalfields, has refused to execute the buyback of its shares.