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CG Power gains 5% after firm appoints new chairman

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NEW DELHI: Shares of CG Power rose nearly 5 per cent after the company appointed a new Chairman to the board and constituted a special situations committee. The Board of Directors at the meeting held on Wednesday appointed Ashish Kumar Guha, non-executive independent director of the company as Chairman, CG Power said. The Board also dissolved the Operations Committee and constituted the Special Situations Committee (SSC). The broad terms of reference of the SSC are to focus on operational improvement, strategic review of international businesses, capital restructuring including raising capital and dealing with the regulatory bodies, the company said in an exchange filing. The company also clarified on further delay in declaring Q1 result.

The company plans to hold a meeting by November 11 to consider financial results for Q1 and Q2.

It assured that going forward, the compliance timelines shall be adhered to as far as possible. At 10.05 am, the stock was trading at 1.4 per cent higher at Rs 15.49 on BSE.




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