The reconstitution of the company's Board is part of the major restructuring exercise going on at Thermax. This was in line with the recommendations of the Boston Consulting Group to evolve a new focus and reverse the company's sagging fortunes. The entire Thermax board - both executive and non-executive board - had resigned in July last in keeping with the recommendations made by the BCG. The group had recommended reconstitution of the board with more non-executive directors. Since then Thermax has been on a revamping mode.

"I look forward to the board, which is largely non-executive, to help Thermax not just turn around but to become a vibrant, value-based global player," Ms Aga said. The board members will bring in external realities and push our internal people to meet new challenges and growth opportunities, she added.

Ms Meher Pudumjee and Mr Pheroz Pudumjee, daughter and son-in-law of the chairperson, also join the board as non-executive directors. Ms Meher Pudumjee and Mr Pheroz Pudumjee are at present members of the corporate development group. This group oversees incubation of new businesses and organisational change. Thermax Ltd managing director Prakash M Kulkarni is the eighth director on the board. With Ms Anu Aga as the chairperson, the new board's strength has been pruned to eight from the earlier 13.

The reconstituted board met for the first time on Monday to take on record the unaudited financial results for the third quarter ended December 31, 2000. During the third quarter, the company registered a rise in sales by 30 per cent to Rs 107.36 crore from Rs 82.56 crore for the same period last year. However, the company has posted losses of Rs 4.47 crore for the third quarter. Income from interest, dividend and sale of mutual funds as well as other investments reduced by Rs 24.25 crore during this quarter. Last year same quarter, the company earned Rs 28.24 crore compared to Rs 3.99 crore this quarter.