Name game: Gujarat to become Wollongong Coal? 

After a year its shareholders and employees would rather forget, Gujarat NRE Coking Coal Ltd is planning to change its name to Wollongong Coal Ltd.

The new name has been flagged in the notice for the company's annual meeting to be held next month.

Shareholders will vote on a special resolution whether the company should adopt the new name.

No reasons for the suggested change were given in the document.

If approved, the new name will take effect after the Australian Securities and Investments Commission amends details of the company's registration.

The proposal comes after a tumultuous year for Gujarat NRE in which workers at the company's mines at Russell Vale and Wongawilli went without pay for almost two months from September 18 and without superannuation payments for six.

Wages and entitlements owing to workers are now being paid.

Gujarat NRE also reported an after-tax loss of more than $74 million in its most recent half-yearly report to the Australian Stock Exchange, compared with a $1.56 million profit in the same period the previous year.

Jindal Steel took over ownership of Gujarat NRE Coking Coal last October. Arun Jagatramka stood down as executive chairman, remaining on the board of directors, and Jindal Steel and Power's Australian managing director Jasbir Singh took on the roles of chairman and chief executive.

Jindal Steel has injected $110 million into Gujarat NRE since it became the company's major shareholder.

At the AGM, shareholders will also vote to re-elect directors Maurice Anghie, Mr Jagatramka and Mr Singh, who are due to retire by rotation and are therefore eligible for re-election as directors.

Also on the meeting's agenda are receipt of the annual report and financial statements and a resolution to approve the remuneration report.

The AGM will be held at Quality Suites Pioneer Sands at Towradgi at 2pm on February 25.

Meantime, the company has extended its voluntary redundancy program until February 6 in the hope of shedding another 13 jobs from its Russell Vale colliery without resorting to forced redundancies.

Almost 50 workers left the company's two mines earlier this month after taking voluntary redundancy.

Arun Jagatramka is seeking re-election as a director of Gujarat NRE Coking Coal Ltd.

Arun Jagatramka is seeking re-election as a director of Gujarat NRE Coking Coal Ltd.


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