New Delhi, Mar 22 (PTI) State-owned REC on Tuesday said it will seek shareholders' nod through the postal ballot to appoint Parminder Chopra as Nominee Director of Power Finance Corporation and SKG Rahate as CMD.

"Company proposes to seek approval of shareholders through postal ballot process for appointment of Parminder Chopra as Nominee Director of PFC and SKG Rahate as Chainnan & Managing Director on the Board of REC," a BSE filing said.

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The board in its meeting held on Monday decided that voting on the postal ballot will begin on March 29 and end on April 27, it added.

In another filing, the company said, "The Board of Directors of REC in its meeting held on March 21, 2022, has appointed SKG Rahate, as an Additional Director on the Board of REC in the capacity of Chairman and Managing Director (in additional charge), with effect from February 22, 2022, subject to the approval of shareholders of the Company".

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Further, it noted that the Board in the meeting has also approved the proposal for incorporation of a project-specific special purpose vehicle as a wholly-owned subsidiary of REC Power Development & Consultancy Ltd (RECPDCL) for the development of an inter-state transmission project in Karnataka to be implemented through tariff-based competitive bidding route, allocated by the Ministry of Power.

The proposed company will also be a subsidiary company of REC Ltd.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)