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| Exchange Disseminated Time | Orient Green Power Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 23, 2013, has transacted the following:
1. Mr. P. Krishnakumar, Managing Director and Chief Executive Officer of the Company has resigned from his position as Managing Director and Chief Executive Officer with effect from September 23, 2013. However, he would continue to be a Director on the Board of the Company.
Mr. S. Venkatachalam, Chief Executive Officer of the Company has been appointed as a Managing Director in place of Mr. P. Krishnakumar with effect from September 23, 2013.
2. The Board has also approved to divest 26% of the Equity shares held in the wholly owned subsidiaries namely M/s. Global Powertech Equipments Limited, M/s. Shriram Powergen Limited and M/s. Shriram Non- Conventional Energy Limited. The above is necessitated due to the decision taken to shift to Group Captive Model by the subsidiaries which entails participation of not less than 26% of the shareholding in the subsidiaries by the Group Captive consumers of power. |
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