TCI Gets Face Time With Minister, Time To Respond In Lawsuit

Dec 11 2012 | 9:12am ET

The Children's Investment Fund is both moving forward with its lawsuit against the Indian government and seeking a resolution.

The London-based activist hedge fund, which in August accused the Indian government of interfering with a  state-owned coal company, has met with the country's finance minister. No deal was reached, but TCI put a positive spin on the encounter.

"He was keen to know how we could resolve these matters. But, the minister refrained from giving up any specific feedback," TCI's Oscar Veldhuijzen said. "We feel that there is a greater understanding and willingness to increase shareholders' returns through higher dividends or share buybacks and improved corporate governance."

Veldhuijzen said TCI is not interested in selling its 2% stake in Coal India.

Separately, the Delhi High Court last week gave TCI four weeks to respond to a government motion opposing the hedge fund's lawsuit. TCI has also sued the government in Calcutta High Court, in October.

A judge set a May 9 hearing for the Delhi lawsuit.

"The petitioner has resorted to forum-shopping, as is evident from the fact that apart from filing the instant petition, the petitioner has also filed a civil suit in the Calcutta High Court seeking substantially similar reliefs based on the same alleged facts," the Coal Ministry told the Delhi court.

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