State-run telecom operator MTNL said Narendra Kumar Yadav has taken over the charge of Chairman and Managing Director of the company. The PSU in a filing to BSE said that N K Yadav has “taken over charge of CMD, MTNL,” with effect from June 8. Also Read - Let our firms take part in 5G trials, China tells India
The filing also said that P K Purwar has “relinquished the charge of CMD of MTNL”. MTNL Director Finance Purwar was given additional charge of the post after company’s CMD A K Garg retired on May 30, 2014. Also, Purwar had been selected for the post of MTNL CMD by Public Enterprises Selection Board (PESB) in November 2013. Also Read - DoT permits telecom service providers to go ahead with 5G trials
A DoT official said that Yadav has been given additional charge of the CMD post and the process to select a regular CMD will be started afresh. MTNL has posted a standalone net loss of Rs 595.11 crore in the fourth quarter ended March 31, 2015, due to sharp rise in expenditure and Rs 2,893.39 crore net loss for full year 2014-15. Shares of MTNL closed at Rs 14.9 a unit, down by 1.32 percent compared to previous close at BSE today. Also Read - BSNL takes over MTNL network in Delhi, Mumbai: Will 4G services launch now?