PTC India said on June 13 that it has appointed Manoj Jhawar as the Chairman and Managing Director (CMD) of the company till a regular CMD is appointed. Jhawar is currently the Director (Commercial & Operations) at PTC India Ltd.
The appointment of Jhawar as CMD comes after the market watchdog SEBI (Securities and Exchange Board of India) restrained former CMD Rajib Kumar Mishra from holding any board or key managerial personnel position in any listed company.
PTC India added that Mishra would cease to continue as CMD of the company while its subsidiary PTC India Financial Services also informed about his discontinuation as non-executive director. Mishra held positions in both PTC India and PTC India Financial Services.
On June 12, Mishra and PFS' former MD and CEO Pawan Singh were fined Rs 10 lakh and Rs 25 lakh respectively by SEBI following its investigation into corporate governance lapses. Singh was forced to go on leave in June 2023, following a Reserve Bank of India (RBI) directive, until his retirement.
The non-banking financial subsidiary of PTC India has been under a regulatory scanner for over two years since three independent directors resigned from the company’s board flagging concerns over corporate governance issues on January 19, 2022.
Besides Sebi, RBI has also been looking at the irregularities in PFS. Separately, in June 2023, the Registrar of Companies (ROC) found both PFS and Singh in violation of The Companies Act, 2013 and penalised both entities in three separate adjudication orders.
ALSO READ: Why is PTC India Financial Services under the scanner for corporate governance?
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