Venting their frustration at the company's decision to skip dividend pay-out for the year, the shareholders expressed anguish at the way the company had borrowed resulting into a high interest burden.

At the company's 20th annual general meeting here, the shareholders demanded the removal of the state government nominee and CPI(M) parliamentarian, Dipankar Mukherjee, from the board of CESC. They alleged that the government nominee always failed to turn up at the company's AGMs.

Replying to shareholders, CESC Chairman, R P Goenka said the loss had occurred due to non-revision in tariff rates, and during the last 47 months, there had been only two per cent revision in tariff. The operating costs had become unbearable for the company, he explained.

He also lamented that the vexed issue of fuel surchage was yet to be resolved. However, Goenka expressed hope that the company would see profits in 1998-99.

The CESC Chairman admitted the delay in completing the second unit Budge Budge plant, and added that the unit would be put into stream at the end of current financial year.