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JAN 05 2017

S Padmanabhan nominated as Tata Power chairman

  • Economic Times, ET Bureau / Hyderabad
  • Created: Thu 05th JAN 2017

Tata Sons Ltd has nominated S Padmanabhan as the chairman for Tata Power Co Ltd with immediate effect using its rights according to the company's articles of association, Tata Power said on Wednesday.

In its statement to BSE , Tata Power said in terms of the company's article of association, Tata Sons Ltd, as the promoter of the company has the right to nominate the chairman of the company's board "as long as the word 'TATA' is associated with the name of the company. Padmanabhan at present serves as an additional director on the company's board.

The company's past chairman Cyrus Mistry resigned for all of his board positions from various listed Tata Group companies on December 19. Following Mistry's ouster as the chairman of Tata Sons on October 24, Tata Sons had proposed Mistry's removal from Tata Power's Board. The company also called for an extraordinary general meeting (EGM) on December 26 to seek shareholders approval for the removal.

However, with Mistry's resignation on December 19, the planned EGM was later called off. Padmanabhan’s nomination to Tata Power's board as chairman is the latest in a series of new appointments made by Tata Sons on various Tata group company boards. On November 10, Tata Sons appointed Ishaat Hussain as the interim chairman for Tata Consultancy Services Ltd. In a similar manner, Harish Bhat was appointed as the chairman of Tata Global Beverages on November 16.

Padmanabhan who has in the past been with Tata Power as an executive director, returned to the company as additional director with a fresh appointment on December 16.

 

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