PTC India appoints Rajib K Mishra as CMD despite regulatory cloud

PTC India (formerly Power Trading Corp of India) acting chairman Rajib Kumar Mishra has been given a permanent role in the company even when he is under a regulatory cloud due to issues at subsidiary PTC India Financial Services (PFS).

In a short notice to the stock exchanges on Wednesday, PTC India said Mishra had been appointed as chairman and managing director with effect from Wednesday. It did not specify the tenure of the new full time chief.

Mishra was director of marketing and business development before he took over as acting chairman in November 2021 after the then CMD Deepak Amitabh resigned at the time.

He has been under a regulatory cloud following resignations of multiple independent directors in both PFS and parent PTC citing corporate governance issues, mismanagement, evergreening of loans and medication of critical sanction terms by the management without seeking prior approval of the board at PFS.

The company has steadfastly denied all allegations and said forensic audit report examined by consultancy firm Ernst & Young, has found to have no financial impact or any indication of any suspected fraud.

However, a person aware of the company's working said the appointment has been hurried before an ongoing separate investigation by regulators Securities and Exchange Board of India (Sebi) and Reserve Bank of India (RBI) and also the Registrar of Companies (RoC).