Crisis-hit PTC Financial embarks on management overhaul

livemint.com:

PTC India Financial Services (PFS) will undergo several management-level changes as the company steers towards an operational overhaul and new phase of growth, Mahendra Lodha, the company’s interim chief executive officer and managing director, said. In an interview, Lodha, who is also director of finance and chief financial officer, said PFS is looking at strengthening its team, including senior management. A new chief compliance officer and executive director for monitoring, disbursement and operations have also been appointed, who will soon join, he added.

“The company is looking to appoint a whole-time director for operations for the first time." The move comes amid several challenges. In June, following a directive from the Reserve Bank of India (RBI), PFS’ board sent then MD and CEO Pawan Singh on leave till his superannuation in October amid persistent allegations of corporate misgovernance. Subsequently, Lodha was given additional charge as the CEO and MD.

On 27 June, the Registrar of Companies, Delhi and Haryana, penalized PFS and Singh for allegedly defaulting on a functional nomination and remuneration panel in a state-run company as was required under the law. Late last year, former secretary in the finance ministry Sushma Nath; the former principal chief commissioner of income tax, Mumbai, Devendra Swaroop Saksena; and Jayant Purushottam Gokhale, founder of Gokhale and Sathe, resigned from its board. The independent directors on the board of its parent company PTC India had also raised concerns over governance in PFS.