RP-Sanjiv Goenka Group flagship, CESC Ltd, is looking at an alteration in the Articles of Association (AoA) of the company. The alteration will enable an increase in the maximum number of directors to 15, up from the present 10.
According to company sources, this is an “enabling provision” which has been “recommended” keeping in mind the “size of the operations of the company” and the large number of subsidiaries.
“We would like to inform that the Board of Directors of the company has recommended for the approval of the members, through postal ballot proposal for alteration of an article contained in the Articles of Association for increasing the maximum number of Directors to 15 from the present level of 10,” it said in a recent stock market notification.
Board of directors
The current Board of Directors has three non-executive directors - company Chairman, Sanjiv Goenka, his son and Vice Chairman, Shashwat, PK Khaitan; five non-executive independent directors - CK Dhanuka, Pratip Chaudhuri, Rekha Sethi, Kalaikuruchi Kairaj, Sunil Mitra; and two executive directors - Rabi Chowdhury and Debasish Banerjee.
CESC Ltd reported a 25-per cent on-year rise in consolidated net profit to ₹328 crore for the December quarter, while revenue from operations rose 8 per cent to ₹2,539 crore. The Kolkata-based power utility’s fuel and interest costs lowered during the reporting period, while the cost for electricity increased.
The promoter and promoter group shareholding in CESC Ltd stands at 49.9 per cent.
Meanwhile, the Centre has notified new rules that provide for penalties for power distribution utilities (discoms) for not maintaining mandated standards of services under the Electricity (Rights of Consumers) Rules 2020.