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Cyrus Mistry has managed to retain control of Tata Power for now, with the company board steering away from any resolution to oust him as Chairman.
The company has, however, called for an extraordinary general meeting (EGM) on December 26 to remove Mistry as a Director on the board.
According to sources, at least two Directors — Homiar S Vachha and Deepak M Satwalekar — supported Mistry. “Cyrus Mistry chaired today's board meeting of Tata Power without any contest,” a source close to the development said.
In a statement issued to the stock exchanges on the resolution to remove Mistry as a director of the company, Tata Power said that it has “decided to convene an Extraordinary General Meeting of the members of the company on Monday, 26th December 2016 at 11 am” in Mumbai.
Net profit upAt the board meeting, the company also reported ₹336 crore as its net profit in the second quarter ended September 30, against a loss of ₹95 crore for the corresponding quarter of the previous fiscal year.
On the other hand, the net revenue for the quarter dipped by 5 per cent to ₹7,190 crore (₹7,618 crore).
Big DoCoMo payoutThe company said that it paid ₹790 crore to Tata Sons as part of the arbitration award to NTT DoCoMo in the case related to Tata Teleservices.
Tata Power had to incorporate a loss of ₹124 crore from its stake in Tata Teleservices.
At the close of trading hours on the BSE, the stock was trading at ₹72.20, a decline of 0.76 per cent over the previous closing price.
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