Globus Power Generation Limited has announced significant changes to its Board of Directors and approved its quarterly financial results. The company's Board has made two key appointments and reviewed the financial performance for the quarter ending June 30.

Board Appointments

The Board of Directors of Globus Power Generation Limited has approved the appointment of two new members:

1. Mrs. Chhavi Prabhakar has been appointed as an Additional Director in the capacity of Non-Executive Women Independent Director. Her appointment is effective from August 31, and she has been designated as an Independent Director for a term of 5 consecutive years, until March 31, 2025.

2. Mr. Amitabh Tandon joins the Board as an Additional Director in a Non-Executive capacity. His appointment is also effective from August 31.

Both these appointments are subject to shareholder approval, which the company will seek in due course.

Quarterly Financial Results

In the same meeting, the Board of Directors also addressed the company's financial performance:

• The Board approved and took on record the unaudited financial results for the quarter ended June 30.
• These results were accompanied by a Limited Review Report from the company's statutory auditors, M/s Padam Dinesh & Company, Chartered Accountants.

The approval of these results indicates the company's commitment to financial transparency and compliance with regulatory requirements. However, specific details of the financial performance were not disclosed in the announcement.

These developments reflect Globus Power Generation Limited's focus on strengthening its governance structure through new board appointments while maintaining its financial reporting obligations. The addition of Mrs. Prabhakar as an Independent Director also aligns with corporate governance norms that emphasize gender diversity on company boards.

Globus Constructors & Developers , a power sector company, has announced its financial results for the first quarter, along with key board decisions, including the appointment and re-appointment of independent directors.

Financial Performance

The company reported zero revenue from operations for Q1, compared to Rs. 0.05 lakhs in the same period last year. Despite the lack of revenue, Globus Power Generation managed to narrow its losses:

The company's total expenses decreased to Rs. 13.79 lakhs from Rs. 16.08 lakhs year-over-year. An exceptional item of Rs. 9.50 lakhs contributed to the reduction in net loss, which stood at Rs. 3.98 lakhs, significantly lower than the Rs. 16.39 lakhs loss in the previous Q1.

Board Decisions and Director Appointments

In a board meeting held on August 11, Globus Power Generation made several key decisions:

1. Re-appointment of Independent Directors: The board approved the re-appointment of two independent directors for five-year terms:

   • Mr. Thamattoor Prabhakaran Nair (DIN: 03608795)
   • Mrs. Chhavi Prabhakar (DIN: 07553853)

2. New Independent Director: Mr. Sunil Rai (DIN: 01568405) was appointed as an Additional Non-Executive Independent Director for a five-year term, effective August 11.

These appointments are subject to shareholder approval at the upcoming 40th Annual General Meeting (AGM).

Director Profiles

• Mr. Thamattoor Prabhakaran Nair: A graduate with over 37 years of experience in Telecom and Cable TV, having held key positions in companies like Shyam Telecom Limited and Shyam Communication Systems Pvt Ltd.

• Mrs. Chhavi Prabhakar: A senior financial services professional with over 20 years of experience in NRI Banking, Wealth Management, and Private Banking. She has worked with organizations such as Citibank, Society General Private Banking, and Axis Bank.

• Mr. Sunil Rai: A corporate leader with over 37 years of multifaceted experience across industries including aviation, freight forwarding, infrastructure, real estate, telecom, power, and manufacturing. He holds qualifications in B.Com (Hons.), LL.B., F.C.A., F.C.S., and MBF (ICAI).

Additional Board Approvals

The board also approved:

• Preparation of the Director's Report, Corporate Governance, and Management Discussion & Analysis Report.
• Draft notice for the 40th AGM to be held via video conferencing.
• Appointment of M/s Soniya Gupta & Associates as scrutinizers for the AGM.
• Appointment of NSDL for the e-voting process.

The financial results and board decisions reflect Globus Power Generation's efforts to streamline operations and strengthen its corporate governance structure amidst challenging market conditions.