Tata Power Company calls EGM on Dec 26 to remove Cyrus Mistry

India Infoline News Service | Mumbai | November 30, 2016 08:56 IST

Tata Power Company Ltd ended at Rs 72.2, down by Rs 0.55 or 0.76% from its previous closing of Rs 72.75 on the BSE.

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Tata Power Company Ltd has informed BSE that this has reference to the Special Notice and Requisition received by the Company under Sections 100(2) and 115 of the Companies Act, 2013 (the Act) and the Rules framed thereunder from Tata Sons Limited - the Company's Promoter and shareholder holding 31.05% of the paid-up Equity share capital of the Company, requisitioning an Extraordinary General Meeting of the Members of the Company for considering and passing a Resolution for removal of Cyrus P. Mistry as Director of the Company under Section 169 of the Act.

Pursuant of this Requisition, the Board has decided to convene an Extraordinary General Meeting of the Members of the Company on Monday, December 26 in Mumbai.

Stock Commentary:

Tata Power Company Ltd ended at Rs 72.2, down by Rs 0.55 or 0.76% from its previous closing of Rs 72.75 on the BSE.

The scrip opened at Rs 73.75 and touched a high and low of Rs 73.75 and Rs 72 respectively. A total of 360272(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 19527.42 crore.

The BSE group 'A' stock of face value Rs 1 touched a 52 week high of Rs 84.45 on 24-Oct-2016 and a 52 week low of Rs 55 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 73.75 and Rs 68.6 respectively.

The promoters holding in the company stood at 33.02 % while Institutions and Non-Institutions held 50.71 % and 16.26 % respectively.

The stock traded below its 50 DMA.

***Note: This is a NSE Chart

 

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