SAT Stays Sebi's Six-Month Ban on Former PTC India Chairman Rajib Kumar Mishra

The Securities Appellate Tribunal (SAT) has paused a SEBI order that prevented ex-PTC India chairman Rajib Kumar Mishra from being a director in a listed entity for six months. This interim relief follows SEBI's ruling on corporate governance lapses, which involved both Mishra and another executive, Pawan Singh.

The Securities Appellate Tribunal (SAT) has paused a Securities and Exchange Board of India (SEBI) order that barred former PTC India chairman Rajib Kumar Mishra from directorship in a listed entity for six months due to corporate governance lapses.

Issuing interim relief, SAT noted the stay would hold until the next hearing, contingent on Mishra depositing 50% of the penalty imposed by SEBI within two weeks. Mishra had initially stepped down as chairman and non-executive director of PTC India Financial Services Ltd and CMD of PTC India following SEBI's June 12 order.

SEBI had also fined Mishra Rs 10 lakh and barred him from any director or key managerial position in any listed company. Meanwhile, Pawan Singh, the former MD and CEO of PFS, received a two-year ban and a Rs 25 lakh fine for similar violations.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)