Tejas Networks Chairman Balakrishnan V Resigns, TCS Senior Executive Subramaniam To Take Charge
The board of Tejas Network has approved the appointment of TCS CEO and executive director N Ganapathy Subramaniam.
Tata group firm Tejas Networks' Chairman Balakrishnan V has resigned from his position, the company said in a regulatory filing on Friday.
The board of Tejas Network has approved the appointment of TCS chief operating officer and executive director N Ganapathy Subramaniam as non-executive chairman with effect from May 18.
"Mr Balakrishnan V has submitted his resignation from the position of non-executive chairman with effect from April 23, 2022," Tejas said in the filing.
Tejas Networks on Friday posted a consolidated loss of Rs 49.62 crore in the fourth quarter ended on March 31, 2022, as the shortage of electronic chips hit its telecom gear production.
The company had posted a profit of Rs 33.55 crore in the period a year ago.
The consolidated revenue from operations of Tejas Networks declined by 37.23% to Rs 126.5 crore during the reported quarter from Rs 201.55 crore in the March 2021 quarter.
For the year ended March 31, 2022, Tejas Networks posted a loss of Rs 62.71 crore while it had recorded a profit of Rs 37.54 crore in 2020-21. The annual consolidated revenue from operations of Tejas Networks, however, increased by 4.55 per cent to Rs 550.59 crore from Rs 526.6 crore posted a year ago
Tejas in a separate filing said that the board of directors of the company have appointed "N Ganapathy Subramaniam as non-executive chairman of the board of Tejas Networks Ltd. with effect from May 2018."