New Delhi: PTC India shareholders have approved the appointment of Rajib Kumar Mishra as the company's Chairman and Managing Director (CMD) with requisite majority votes. Mishra has been appointed as the CMD in PTC India with effect from March 29, 2023.
According to a regulatory filing, shareholders approved an ordinary resolution to appoint Mishra as CMD of the company at the seventh Extra Ordinary General Meeting (EGM) held on June 28. As per the voting result, 77.71 percent of votes were in favour of the ordinary resolution and 22.29 percent against the proposal.
Mishra has been appointed as the CMD in PTC India with effect from March 29, 2023. He was named as the Whole-time Director of the company with effect from February 24, 2020, up to February 23, 2025, or the age of 62 years -- whichever is earlier, by the members of the company at their annual general meeting (AGM) held in September 2020.
Mishra is a power market veteran with diverse experience in the sector. He is a Ph.D (Business Admin) from Aligarh Muslim University. He was accorded Visiting Scholar status by University of Texas, Austin in 2008 for his Post-doc research. He graduated in Electrical Engineering from NIT, Durgapur and did his Post Graduation from NTNU, Norway under NORAD Fellowship.
Shareholders also approved the appointment of Rashmi Verma, Jayant Dasgupta and Narendra Kumar as independent directors with a requisite majority.
It is a public-private partnership, with major PSUs of the power ministry as promoters.
As per its website, the share of the promoter companies (POWERGRID, NTPC, PFC & NHPC) is limited to 16 percent, and the balance 84 percent by financial institutions, large utilities and the public.
The company is the pioneer in the power market in India. It has also been mandated by the government to trade electricity with Bhutan, Nepal and Bangladesh.
PTC India's consolidated total income stood at Rs 16,002.51 crore last fiscal against Rs 16,879.77 crore in the previous year, while net profit was Rs 507.15 crore during 2022-23 compared to Rs 551.67 crore in the previous fiscal.
(With PTI inputs)
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