Tag: Partha Bhattacharyya

Coal India’s record $3.5bn share sale might be in great demand – it was subscribed more than 15 times the offering – but accounting errors that emerged in its IPO prospectus on Friday are a reminder that the state-run group has poor corporate governance standards.

Investors have even been given the option of withdrawing their subscription bids after India’s capital markets regulator found that figures in Coal India’s prospectus had been mistakenly interchanged. Few, however, are likely to pull out.

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