S Padmanabhan was nominated as the chairman of Tata Power Co Ltd with an immediate effect according to the company’s articles of association, Tata Power said on Wednesday.
Tata Power said in its statement to BSE, in terms of the company’s article of association, Tata Sons Ltd, as the promoter of the company has the right to appoint the chairman of the company’s board “as long as the word ‘TATA’ is associated with the name of the company.
So far, Padmanabhan was serving as an additional director on the company’s board.
The company’s former chairman Cyrus Mistry resigned from all listed Tata Group firms on December 19. After Mistry’s removal as the chairman of Tata Sons on October 24, Tata Sons had anticipated Mistry’s removal from Tata Power’s Board. And on December 26, the company called for an extraordinary general meeting (EGM) to seek shareholders’ approval for his elimination.
Padmanabhan’s selection to Tata Power’s board as chairman is the latest in row of new appointments by Tata Sons on numerous Tata group company boards.
The company appointed Ishaat Hussain as the interim chairman for Tata Consultancy Services Ltd on November 10 while Harish Bhat was appointed as the chairman of Tata Global Beverages on November 16.
Padmanabhan in the past was with Tata Power as an executive director. He returned to the company as additional director with a new appointment on December 16.