PTC India’s Manoj Jhawar to serve as part-time CMD as Rajib Mishra is restrained by SEBI

The Board of PTC India has decided that till regular Chairman and Managing Director (CMD) is appointed, Dr. Manoj Kumar Jhawar, the current Whole-time Director shall also exercise the powers of Chairman & Managing Director with effect from June 13, 2024.

The capital market regulator, the Securities and Exchange Board of India (SEBI) has issued an order to Dr. Rajib Kumar Mishra, Chairman & Managing Director of PTC India Limited in his capacity as Non-Executive Chairman of PTC India Financial Services Limited (PFS), subsidiary of PTC India. As per regulatory order, Dr. Rajib Kumar Mishra has been restrained 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 6 months from the date of the said order and consequently, he cease his position in PTC India with effect from date of order.

SEBI has fined Rajib Kumar Mishra for Rs 10 lakhs and Pawan Singh, ex-PFS’ MD & CEO was fined for Rs 25 lakhs on June 12 on Corporate Governance investigations. After the Reserve Bank of India’s (RBI) norm, Pawan Singh has been forced to go on leave in June 2023.

PTC India’s Non-banking financial subsidiary is under a regulatory scanner for two years after three Independent Directors of the company resigned stating corporate governance issues on January 19, 2022.

RBI is also investigating irregularities in PFS. Earlier, the Registrar of Companies (ROC) found the company and its former MD & CEO in violation of The Companies Act, 2013 and fined both in three separate adjudication orders.