Mishra beds down at P-LNG
Petronet-LNG shareholders have endorsed a two-year extension to company director finance VK Mishra starting April 18 (2023).
On April 10 (2023), Petronet-LNG company secretary Rajan Kapur announced the results of the e-voting, which started on March 10 (2023) and ended on April 8 (2023). A total of 3029 voters took part.
Mishra got 78.24% of the votes from 2452 voters in favour of his extension, while 21.76% of the votes from 588 voters voted against it. E-voting began after Petronet-LNG directors approved Mishra's extension as director finance and chief financial officer (CFO) on February 21 (2023).
Like other directors, including managing director AK Singh, Mishra is not a permanent Petronet-LNG employee. "All directors, including the CEO, are contractual employees," we hear.
Sixty-year-old Mishra, a chartered accountant, served in GAIL for 27 years before joining Petronet-LNG as director finance on April 18 (2018). He replaced Subhash Kumar, who moved to ONGC as its director finance after his selection on October 26 (2017).
"Much of the Dahej expansion (regasification and additional storage) has taken place during Mishra's tenure," says a source. This report learns that even the proposed third jetty and Petronet-LNG's move to expand into the petchem business was firmed up during his term.
In 2021-22, Mishra earned a yearly salary of Rs1.28cr ($156,000), including Rs22.5 lakh ($27,400) commission on profit. On April 11 (2023), in another announcement quoting an April 10 (2023) letter received from GSPC, Kapur said former GSPC managing director Sanjeev Kumar had ceased to be a director on Petronet-LNG's board from April 1 (2023).
GSPC's new managing director Milind Torawane replaces Kumar as nominee director of the Gujarat government and the Gujarat Maritime Board (GMB). "Torawane is yet to be formally appointed on the Petronet-LNG board," we hear.