Cyrus Mistry, the ousted chairman of Tata Sons on Tuesday chaired the meeting of the board of directors of Tata Power without any contest even as the company has called an extraordinary general meeting (EGM) of the shareholders to remove him as director, on request of its parent firm Tata Sons, with 31.05% stake in the company.
Mr. Mistry signed the audited financial results of the company, which saw profits for July-September quarter increase to Rs. 336 crore on a consolidated basis compared to loss of Rs. 96 crore in the year ago period.
Anil Sardana, CEO & Managing Director, Tata Power believes that company has improved profitability and has maintained strong operational performance across all business verticals and is confident that its strong growth trajectory will continue into the next quarter.
“The Consolidated Profit of Rs. 336 crores for the quarter shows good & steady performance. With a gross installed generation capacity of 10477 MW and more than 2.2 million customers, we continue to be India’s largest integrated power player. Our subsidiaries continue to perform well despite challenging circumstances," said Sardana.
The company has paid Rs. 790 crore to Tata Sons to acquire the shareholding of Japanese telecom major in Tata Teleservices and booked a loss of Rs. 124.46 crore to reassess its fair value in Tata Teleservices.
“The company has received a special notice from Tata Sons Limited - the Company's Promoter and shareholder holding 31.05% of the paid-up Equity share capital of the Company, requisitioning an Extraordinary General Meeting of the Members of the Company for considering and passing a resolution for removal of Mr. Cyrus P. Mistry as Director of the Company under Section 169 of the Act.,” said the company in a separate filing to the exchanges.
The company has decided to hold the EGM on Monday, December 26, 2016 in Mumbai.
The Company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 10,477 MW, said a company statement adding that Tata Power Renewable Energy Limited, a 100% subsidiary of Tata Power, has completed acquisition of 100% shareholding in Welspun Renewables and its subsidiaries, representing the largest transaction in the renewable space in India.
Shares of Tata Power closed down marginally at Rs. 72.2 in a flat Mumbai market on Tuesday, valuing the company at Rs.19,527 crore.
