The Board of Directors of MSEDCL in its meeting held on 8-09-2005 has considered the delegation of powers to the Managing Director of MSEDCL as adopted by the MSEB Holding Company and resolved as under:
(1) The Managing Director shall have full powers to take all decisions in the matters of general management of the affairs of the Company except the following:
(i) Item covered under Section 292 of the Companies Act.
(ii) Purchase/sale/modification of immovable property above Rs.10 lakhs.
(iii) Administrative approval/sanction to a proposal for schemes costing more than Rs.10 Crores.
(iv) Approval to Capital and Revenue Budget of the Company including its revised estimates, budget estimates.
(v) Variation in the approved budget beyond 15%.
(vi) Reappropriation of budget under different heads of account or under different sanctioned schemes beyond 20%.
(vii) Approval to annual accounts of the Company.
(viii) Decision to award works/procurement/ services/ constructing contracts etc. beyond Rs.10 Crores.
(2) The Board also resolved that the M.D. should exercise his powers in consultation with Director (Finance) where financial issues are involved; with Director (Operations) where technical issues are involved, and with Director (HRD) where HRD related/administrative issues are involved.
2. All the concerned in the Corporate Office and field offices are requested to please take a note of the above powers of the Managing Director and only the issues which are within the purview of the Board of Directors should be brought in the Board Meeting.
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