Tata Power names S. Padmanabhan as chairman
Tata Power, on Wednesday announced the appointment of S. Padmanabhan, additional director on the company board, as chairman of the company.
“…please be informed that Mr. S Padmanabhan, additional director on the company board, has been appointed as Chairman for the Board of Directors of the Company effective today,” the company said in a BSE filing.
Shares of the company edged up on BSE Sensex post this announcement.
The former ousted chairman of Tata Sons, Cyrus Mistry later resigned as Chairman from the Board of Tata Power and six other Tata companies including Tata Motors, Indian Hotels, Tata Chemicals, Tata Steel and Tata Global Beverages.
Earlier in November, Tata Power convened an extraordinary general meeting (EGM) to remove Mistry as director of the company on December 26.
The board’s decision followed a request from Tata Sons, which owns a 31.05% stake in the company.
However, on December 19, ahead of the six companies’ EGMs, Mistry resigned from the board of all listed Tata companies vowing to take the fight to a legal platform.
The next day, on December 20, Mistry filed a case in an Indian court against his abrupt removal as head of India’s biggest conglomerate.