Manoj Kumar Jhawar takes additional charge as Mishra ceases to be PTC CMD

livemint.com:

PTC India Ltd in its meeting held on 13th June 2024 has decided that till a regular CMD is appointed, Dr. Manoj Kumar Jhawar, the current whole time director shall also exercise the powers of Chairman & Managing Director as have been delegated by the Board from time to time w.e.f.

13th June 2024," PTC said in a regulatory filing on Thursday.The market regulator barred Mishra and the former MD of PFS, Pawan Singh from holding any position on the board or management of a listed company for a period of six months and two years respectively.It also imposed penalties of ₹10 lakh and ₹25 lakh respectively on Mishra and Singh.In its order on Wednesday, it said that both Mishra and Singh are "restrained 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".The market regulator said its investigation had found that Singh had "grossly misused his position as the MD and CEO of PFS to prevent Mr. Ratnesh from joining as WTD (whole time director) (Finance) and CFO, which was approved by the Board of PFS".

It noted that the MD-CEO in a company, though sitting at a high position within the management hierarchy, is duty-bound to follow the decisions of the board and cannot exercise his power unilaterally in an unfettered manner."However, in this case, the MD & CEO employed all the tricks to defeat the decision of PFS Board to appoint Mr. Ratnesh, thereby keeping a critical vacancy in the company unfilled." The board had approved the appointment in its meeting on 28 August, 2021.Ratnesh