PTC Board forms a committee to review CMD’s appointment

After the capital market regulator, SEBI questioned the selection process for Rajib Kumar Mishra for the top position, the board of PTC India Ltd. formed a sub-committee made up of three directors to look into alleged irregularities in the appointment of its chairman and managing director, reports Moneycontrol. According to an earlier report dated June 27, the Securities and Exchange Board of India (SEBI) had written to Mishra and the company secretary on June 22 to inquire about any potential irregularities in the appointment as well as any concerns with PTC and its subsidiary’s corporate governance.

SEBI’s letter has been acknowledged by the board. The company will keep assisting SEBI and providing responses. In light of this, the board decided that a sub-committee should be established to investigate the relevant facts, according to a source familiar with the situation. Two independent directors, Jayant Dasgupta, and Rashmi Verma, and one nominee director, Rajiv Ranjan Jha, are said to be on the committee. Jha is the director (projects) of Power Finance Corporation, one of the state-run promoters.