The appointment of the full-time chairman and managing director (CMD) of PTC India would be looked at by the board of the company, said Manoj Jhawar, the interim CMD, after Rajib Kumar Mishra was removed from the post.
“Regarding the appointment of the CMD, the board of PTC has seized the matter and they shall be taking the process forward,” said Jhawar in a post-result analysts call on August 14.
Following the Securities and Exchange Board of India’s (Sebi) investigation into the company’s corporate governance lapses, the market regulator restrained the former PTC India’s CMD Mishra, who was also the director at PTC India Financial Services (PFS), from holding any Board or key managerial personnel position in any listed company or any registered intermediary or associating themselves with any listed entity which intends to raise money from the public.
PTC India Financial Services' director Rajib Kumar Mishra, who is also the CMD of PTC India, and PFS' former MD and CEO Pawan Singh have been fined by the market regulator following its investigation into corporate governance lapses.
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.
SEBI, in an order on June 12, said that Singh had "grossly misused" his position as MD and CEO of PFS and that Mishra had been "acting as a willing accomplice".
Dull volumes
Despite a healthy increase in the net profit of the company, volumes of the power trading solutions provider remained muted in the first quarter of FY25.
The trading volume of the company came in at 20.5 BUs (billion units) in Q1FY25 compared to 20.6 BUs in the same period last year.
Jhawar said the company was aware of the stagnant volumes and is looking at opportunities to increase volumes. He, however, added that the company has reported healthy margins in the quarter.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
