Adani Power on Friday announced the appointment of Anil Sardana as new Managing Director and Additional Director while incumbent Rajesh Adani will become a non-executive director on the board of the company.

The board of directors in its meeting held on Friday also approved appointment of Shailesh Sawa as Chief Financial Officer of the company with effect from July 11, 2020, Adani Power said in a regulatory filing.

The board approved "change in designation of Rajesh Adani, Managing Director of the company, from 'Managing Director' to 'Non-Independent Non-Executive Director' with effect from the close of the office hours on July 10, 2020", the filing said.

The appointment of Anil Sardana as an Additional Director and thereafter as a Managing Director of the company from July 11, 2020 without any remuneration for a period of three years was approved by the board, the filing added.

The board also approved cessation of Suresh Chandra Jain as Chief Financial Officer of the company from the close of the office hours on July 10, 2020, on account of his transition to a new role. Shailesh Sawa has been appointed as Chief Financial Officer with effect from July 11, 2020, it said.

"The board also approved cessation of Vneet S Jaain as a Whole-time Director of the Company with effect from the close of the office hours on July 10, 2020, on account of his transition to a new role," the filing stated.

The company stated that the decisions of the board taken on Friday are subject to approval of shareholders.