PTC India Leadership Drama: Rajib Kumar Mishra's Non-Induction as Director

PTC India's board has chosen not to reinstate Rajib Kumar Mishra as a director following a Securities Appellate Tribunal (SAT) decision overturning a Sebi order that barred him due to governance issues. The regulatory filing confirms Mishra's cessation as CMD effective June 12, 2024, amid ongoing governance inquiries.

PTC India's board has officially decided against re-inducting Rajib Kumar Mishra as a director, based on a regulatory filing. This decision follows the Securities Appellate Tribunal's recent dismissal of a Sebi order, which had initially barred Mishra due to alleged corporate governance failures.

SAT's quashing of Sebi's order outlined that the allegations against Mishra were unfounded, as Mishra had served his prohibition period from key roles for six months without fault being established. The Sebi order initially restricted Mishra's involvement in any listed or public company for governance failures.

Following Sebi's directives, Mishra was removed from his roles as Chairman and CMD of PTC India Ltd and PTC India Financial Services. PFS, an infrastructure finance company promoted by PTC India, continues to face scrutiny for past governance lapses, with penalties imposed on former company officials.

(With inputs from agencies.)