According to two people familiar with the development, power trading company PTC India Ltd has hired a Delhi-based ABC consultant to lead the search for a new chairman and managing director (CMD).
The move comes nearly a year after the removal of former CMD Rajib Kumar Mishra following the directive from the Securities and Exchange Commission of India (SEBI). Although the Securities Appeal Tribunal (SAT) later overturned the SEBI order, the PTC board in December chose not to restore Mishra as a CMD or director. Since then, Director (operating) Manoj Kumar Jhawar serves as additional charges for CMD.
“ABC consultants have signed up for the search and selection process. Typically, such appointments take three to six months,” said one of the two people quoted above.
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Leadership search also coincides with a potential ownership reshuffle. State-owned promoter NHPC Ltd is reportedly considering purchasing three other state-owned co-promoters of PTC – NTPC Ltd, India India Ltd’s Power Grid Corp. and Power Finance Corp. Ltd., currently owns a 4.05% stake in PTC India.
Email sent to PTC India, the Ministry of Power, and the Ministry of Electricity, was not responded to at press time.
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During the interview Mint In February, NHPC CMD Raj Kumar Chaudhary said discussions were underway to acquire shares in other public sectors, and the NHPC would soon provide a decision for the Ministry of Power. In January, the Ministry of Power met with officials from four public sector enterprises (PSUs) to discuss the divestment.
However, NHPC does not intend to acquire PTC India Financial Services (PFS), the controversial financing arm of PTC India. Both PTC and PFS allegations of misleading companies face regulatory scrutiny, including common loans from PFS.
The controversy broke out in February 2022, when several PFS directors resigned on governance. In June 2024, Sebi banned Rajib Kumar Mishra and Pawan Singh, former PFS managing director, from taking on the board or management positions of any listed company for six months and two years respectively. The regulators are also correct ₹1 million and ₹2.5 million.
Mishra questioned the SEBI order before SAT, believing that he had no oversight of PFS operations. In December 2024, SAT withdrew its orders to him. Nevertheless, the PTC’s board of directors chose not to resume any leadership positions.
After Mishra was removed from office, the PTC’s board named Jhawar as CMD in an interim capacity. In the December quarter of FY25, the company reported consolidated net profit ₹181.11 million- almost double ₹Rs 970.4 crore was released during the same period of the previous year. Jhawar attributes strong results to growth in all areas of electricity trading, especially in short-term bilateral and trading markets.
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Founded in 1999, PTC India also has the government’s mandate to promote cross-border power trade with Bhutan, Nepal and Bangladesh. Its shares closed ₹176.80 on Tuesday grew 2.43% on BSE with a market cap of ₹523343 million.
