The board of RP-SG Group flagship CESC Ltd has been recast with the appointment of Debashis Banerjee as managing director (distribution) and Rabi Chowdhury as managing director (generation) for a five-year period beginning May 28.
Mr. Banerjee was earlier the chief executive officer of Reliance Energy Limited. Mr. Chowdhury is the managing director of Haldia Energy Limited, a subsidiary of CESC.
They have both been appointed by the board as additional directors of the company from that date. The appointments will be subject to the requisite approvals of the shareholders in the next annual general meeting.
On expiry of his term of office as managing director, Aniruddha Basu has tendered his resignation as a director with effect from May 28.
Brij Mohan Khaitan, an independent director, has also resigned with immediate effect, the company said in a regulatory filing.
The new eight-member board would be headed by Sanjiv Goenka. There would be two MDs and five independent directors, including a woman director.
The appointment of two MDs is in line with the earlier decision of the CESC board to restructure the group of companies to bring better focus to power generation, distribution, organised retail , business process outsourcing and real estate. The scheme, effective October 1, 2017, has received the NCLT nod but is awaiting some more approvals.
The board also took on record the 2017-18 results which show a consolidated net profit of ₹ 1,155 crore against ₹ 810 crore a year ago and an operational income of ₹ 16,441 crore against ₹ 14,202 crore.
