Govt approves restructuring of boards at NTPC arms THDC India, NEEPCO
THDC India
and
NEEPCO
, both arms of state-owned power giant
NTPC
.
The
Ministry of Power
(MoP) had proposed the appointment of a
non-executive chairperson
and the re-designation of the post of CMD to Managing Directors (MD) on the board of NEEPCO and THDCIL, as per an official document.
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After restructuring, the CMD of NTPC shall be the non-executive Chairperson of North Eastern Electric Power Corporation (NEEPCO) and THDCIL, while the MDs at THDCIL and NEEPCO shall be appointed as per the extant Department of Public Enterprises guidelines, through the
Public Enterprises Selection Board
and Appointments Committee of the Cabinet.
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There will be no post of Director (Technical), Director (Finance) and Director (Personnel) at the two entities now, according to the notification dated July 18.
As the post of Director (Finance) for NEEPCO and THDCIL is proposed to be abolished, the Director (Finance) of NTPC should be present in meetings where major financial decisions delegated to the boards of NEEPCO and THDCIL are taken.
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There will be two government/NTPC nominee directors and three independent directors on the respective boards of the company. The total strength of the board will now be seven members, down from the current 14.
"With regards to the current incumbents holding board positions, the ministry may take such decisions as it deems appropriate. MoP is requested to submit a revised proposal as per suggestions given above," the notification said.
In March 2020, NTPC announced entering into Share Purchase Agreements with the Government of India to acquire 74.496 per cent equity stake in THDC India Limited (THDCIL) and 100 per cent equity stake in North-Eastern Electric Power Corporation Limited (NEEPCO).
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