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Rajib Kumar Mishra (Picture taken from PTC India web site)
The Securities Appellate Tribunal (SAT) has stayed a Sebi order that restrained former PTC India chairman and managing director Rajib Kumar Mishra from being a director in a listed entity for six months in a matter pertaining to company governance lapses.
Following the order handed by markets regulator Sebi on June 12, Mishra ceased to be the chairman and non-executive director of PTC India Monetary Providers Ltd (PFS) and CMD of PTC India Ltd.
PFS, promoted by PTC India Ltd, is a non-deposit-taking NBFC categorised as an infrastructure finance firm.
Giving interim reduction to Mishra SAT in its order on Friday, stated, “The operation of the impugned order shall stay until the following date of listening to topic to deposit of fifty per cent of the penalty quantity by the appellant with the Sebi inside two weeks.
The markets regulator, by its order, prohibited Mishra from “holding any place of director or key managerial personnel in any listed firm or any middleman registered with Sebi or associating himself with any listed public firm or a public firm which intends to boost cash from the general public or any middleman registered with Sebi, in any capability, for a interval of six months” for company governance lapses at PFS.
Additionally, Securities and Alternate Board of India (Sebi) slapped a superb of Rs 10 lakh on him.
Aside from Mishra, the watchdog prohibited the corporate’s former MD and CEO Pawan Singh from holding the submit of director in any listed firm for 2 years and in addition imposed a penalty of Rs 25 lakh on him.
In its order, Sebi had famous that Pawan Singh had “grossly misused” his place because the MD and CEO of PFS to forestall Ratnesh from becoming a member of as whole-time director (finance) and chief monetary officer (CFO), which was accepted by the corporate’s board. Additional, Mishra was performing “as a keen confederate of Singh”, the regulator stated.
“The position of Noticee 2 (Mishra) in flouting the norms of company governance on this matter is nicely established,” Sebi had said in its order.
(Solely the headline and film of this report might have been reworked by the Enterprise Normal employees; the remainder of the content material is auto-generated from a syndicated feed.)
First Printed: Jun 24 2024 | 7:45 PM IST
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