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S S Dua named acting head of BSES

BS Corporate Bureau

S S Dua, director (technical) has been appointed as the acting chairman and managing director of power company BSES.

Dua's appointment was unanimously ratified by the all the members at a board meeting on Saturday. He is the senior most director on the board of the company. "Dua will hold charge pending a permanent arrangement,' said R V Shahi, the outgoing chairman and managing director of BSES.

Interestingly, the modalities of putting a permanent succession plan in place did not figure at today's board meeting. "That issue did not figure in today's discussions," Shahi said and declined to elaborate further.

As per earlier indications today' meeting was also slated to institute a mechanism for finding a permanent successor to Shahi who is taking over as the power secretary in the Centre from Saturday. He is the first person from the private sector to hold this position.

Dua like Shahi too held a senior position with the National Thermal Power Corporation and is considered a key member of Shahi's team.

Dua's appointment comes at a time when the Reline group has emerged as the largest shareholder in the power company with a stake of 37 per cent relegating the financial institutions to second place with a combined stake of about 36.5 per cent.

There has been a change of guard at BSES even as the power company has made concerted bid to take-over the troubled Dabhol Power Company.

The Reliance group too has submitted an independent bid for the stake in DPC.

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