Tata Power gets nod from shareholders to keep TPSSL as an independent entity
Tata Power NSE -0.33 % on Thursday said it has got shareholders’ approval to amend a scheme of arrangement to keep Tata Power Solar Systems Ltd (TPSSL) as an independent entity, contrary to its earlier plan to merge it with itself.
Tata Power had given a postal ballot notice to amend the amalgamation scheme to keep the TPSSL as a separate entity and let it continue as a wholly-owned subsidiary, rather than merging it with the company as envisaged under the composite scheme.
The resolution has been passed by the members of the company with requisite majority on Thursday — the last date of voting, it said in a BSE filing.
