Former PTC India CMD Rajib Mishra to move SAT against SEBI's order

Former PTC India CMD Rajib Kumar Mishra will move the Securities Appellate Tribunal (SAT) against market regulator SEBI's order to debar him from being a director in a listed entity for six months
Former PTC India CMD Rajib Mishra to move SAT against SEBI's order
Former PTC India CMD Rajib Mishra to move SAT against SEBI's order

New Delhi: Former PTC India Chairman and Managing Director (CMD) Rajib Kumar Mishra will move the Securities Appellate Tribunal (SAT) against market regulator SEBI's order to debar him from being a director in a listed entity for six months.

Following the order passed by markets regulator SEBI last week, Mishra ceased to be the chairman of PTC India Financial Services Ltd (PFS) and CMD of PTC India Ltd.

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Talking to PTI, Mishra said, "SEBI's order is appealable, and in the merit of the order, I will go to SAT for further action and to safeguard my rights."

PFS, promoted by PTC India Ltd, is a non-deposit-taking NBFC classified as an infrastructure finance company.

Mishra held office in PFS in the capacity of chairman and non-executive director and was also holding the position of Chairman and Managing Director of PTC India Ltd.

"Pursuant to...regulatory order issued by SEBI, Rajib Kumar Mishra ceases to be the chairman, non-executive director of the company with effect from the date of issue of the said order i.e. June 12, 2024," PFS had said in a regulatory filing to the stock exchanges last week.

In a separate filing, PTC India said that Mishra ceased to be in his position in the company with effect from the date of the order.

Last Wednesday, the regulator prohibited Mishra from "holding any position of director or key managerial personnel in any listed company or any intermediary registered with SEBI or associating himself with any listed public company or a public company, which intends to raise money from the public or any intermediary registered with SEBI, in any capacity, for a period of six months" for corporate governance lapses at PFS.

Former PTC India CMD Rajib Mishra to move SAT against SEBI's order
Rajib Kumar Mishra ceases to be Chairman of PFS, CMD of PTC India after SEBI's order

Also, SEBI slapped a fine of Rs 10 lakh on him.

Mishra explained that he was a non-executive chairman and a nominee director on the board of PFS, and any non-executive board member does not have any authority and delegation of power as per Article of Association.

He also said that all the loan accounts (of PFS) were handled by executives of the company, including the management.

The forensic audit conducted and data requirement for that was purely in the domain of the company, and data availability and facilitation thereof was also the responsibility of the management, he noted.

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