Power Trading Company PTC India Ltd employed ABC consultants from Delhi to search for a new chairman and managing director (CMD), according to two people acquainted with development.
This movement took place almost a yr after the overthrow of Rajib Kumara Mishry’s former CMD after the directive of the Securities Council and the India stock exchanges (Sebi). Although the Court of Appeal of Securities (SAT) later overthrew the choice of Sebi, the PTC Council in December decided not to restore Mishry or as CMD or as a director. Since then, the Director (operations) Manoj Kumar Jhawar had a further CMD fee.
“ABC consultants have been contracted in the search and selection process. Usually, such meetings last from three to six months,” said considered one of the 2 cited above.
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The search for leadership also coincides with the potential shock of property. The NHPC LTD state promoter is reportedly considering buying the rates of three other state-owned co-translations PTC-NNTPC LTD, Power Grid Corp. Of India Ltd and Power Finance Corp. Ltd. currently has 4.05% in PTC India, for a total of 16.2% of shares.
E -Mile sent to PTC India, ABC Consultants and the Power Ministry remained unanswered through the press.
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In an interview with Mint In February NHPC CMD, Paradise Kumar Chaudhary said that there have been discussions in regards to the acquisition of other public sector rates, and the NHPC would soon inform the Ministry of Power about its decision. The Ministry of Power has previously met officials from 4 ventures of the general public sector (PSU) in January to discuss the sale.
However, NHPC doesn’t intend to purchase PTC India Financial Services (PFS), a controversial financing arm of PTC India. Both PTC and PFS stood within the face of regulatory control regarding the allegations of improper corporate edge, including endlessly green loans in PFS.
Controversy broke out in February 2022, when several PFS directors gave up, citing management concerns. In June 2024, Sebi Braz Rajib Kumar Mishra and former managing director of PFS Pawan Singh from the role of holding or management roles in any listed company – for six months and two years respectively. The regulator also imposed penalties ₹10 Lakh and ₹25 Lakh.
Mishra questioned the Order of Sebi in front of the network, arguing that there isn’t any operational supervision over PFS. In December 2024, SAT unveiled the order against him. Despite this, the PTC Board decided not to restore it to any leadership role.
After removing Mishry, the PTC board called Jhawar as CMD with temporary capability. In December, the quarter yr of the twenty fifth company reported a consolidated net profit ₹181.11 Crore – almost twice ₹97.04 Crore published in the identical period of the previous yr. Jhawar assigned good results to growth in all segments of electricity trade, especially on short -term bilateral markets and alternative.
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Established in 1999, PTC India also has a government ticket to facilitate cross -border trade with Bhutan, Nepal and Bangladesh. His shares closed at ₹176.80 on BSE on Tuesday, a rise of two.43%, with market capitalization ₹5 233.43 Crore.
