Tribunal Overturns SEBI's Corporate Governance Order Against Ex-PTC India Chief

The Securities Appellate Tribunal (SAT) has overturned a SEBI directive barring former PTC India leader Rajib Kumar Mishra from directorial roles due to alleged governance lapses. The SAT ruled the allegations as unfounded. This development follows SEBI's earlier issuance of a six-month suspension and a monetary penalty.

The Securities Appellate Tribunal (SAT) has annulled a previous order from SEBI that imposed a six-month ban on Rajib Kumar Mishra, the former Chairman and Managing Director (CMD) of PTC India. The ban was related to suspected corporate governance failures.

Mishra had contested the SEBI ruling, arguing before the SAT that he was not responsible for the business operations. The tribunal found the accusations against him to be without merit, noting that Mishra had unjustly endured the sanctions.

SEBI had barred Mishra from holding directorial or managerial roles in any listed company and fined him Rs 10 lakh. However, the SAT's decision has invalidated SEBI's claims of Mishra's complicity in the governance breaches.

(With inputs from agencies.)