Seeking support of Tata Power shareholders against promoters’ proposal to remove him from the board, Cyrus Mistry has said that the company fared better than most of its competitors during his tenure.
The company has called an extraordinary general meeting (EGM) on 26 December 2016, to consider the resolution on Cyrus P. Mistry’s removal as its director. “At the consolidated level for Tata Power,…efforts resulted in a marked improvement EBITDA over the last three years. There has been a re-rating of the power sector in India over the last few years, and hence it would not be appropriate to compare its performance vis-a-vis Sensex. However, the company has fared better than most of its competitors during this time,” Mistry said in a letter to shareholders.As per the letter, CGPL had been set up to almost double the generation capacity of the company with a huge capital investment of $2.6 billion and the plan was to use Indonesian coal.