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New Delhi, Dec 17 (PTI) PTC India’s board has decided not to induct the company’s Rajib Kumar Mishra as a director or CMD of the company, according to a regulatory filing.
The development comes days after the Securities Appellate Tribunal (SAT) quashed a Sebi order restraining Mishra, who was PTC India’s Chairman and Managing Director (CMD) from serving as a director in a listed entity for six months in a matter pertaining to alleged corporate governance lapses.
PTC India clarifies Rajib K Mishra ceased to be CMD of the company with effect from June 12, 2024, the filing dated December 14 said.
“The board met on December 13, wherein the contents of SAT’s order dated December 11 were noted. The board resolved that Rajib Kumar Mishra cannot be inducted as a Director or CMD on the Board of PTC India,” the filing said.
Quashing the Sebi’s order, SAT, in its order said all the allegations against the appellant are baseless and “the appellant has suffered the order for about six months for no fault.”
The regulator, in its order on June 12, prohibited Mishra from “holding any position of director or key managerial personnel in any listed company or any intermediary registered with Sebi or associating himself with any listed public company or a public company which intends to raise money from the public or any intermediary registered with Sebi, in any capacity, for a period of six months” for corporate governance lapses at PFS.
Also, the Securities and Exchange Board of India (Sebi) had slapped a fine of ₹10 lakh on him.
Following Sebi’s direction, Mishra ceased to be the chairman and non-executive director of PTC India Financial Services Ltd (PFS) and CMD of PTC India Ltd.
PFS, promoted by PTC India Ltd, is a non-deposit-taking NBFC classified as an infrastructure finance company.
Apart from Mishra, the watchdog had prohibited the company’s former MD and CEO Pawan Singh from holding the post of director in any listed company for two years and also imposed a penalty of ₹25 lakh on him.
The Sebi’s order was stayed by SAT in June.
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