In a curious development, the Tata Power board met on Friday to appoint S Padmanabhan, head of group HR of Tata Sons, as an additional director, without withdrawing Cyrus Mistry’s nomination as chairman. Ahead of the December 26 extraordinary general meeting (EGM) of Tata Power, where promoters hold 33 per cent stake, it was necessary to induct a “suitable person” on the board for him to take over as interim chairman, replacing Mistry, in case Tatas win the vote, a source said. Padmanabhan, an old Tata hand, is likely to be named the interim chairman of …
[Source:-BS]
