Power Trading Company PTC India Limited has hired Delhi -based ABC advisors to lead the discovery of a new Chairman and Managing Director (CMD), according to two people familiar with development.
The move came about a year after taking out former CMD Rajib Kumar Mishra of India, which is after a directive from the Securities and Exchange Board of India (SEBI). Although the Securities Appellate Tribunal (SAT) later overturned SEBI’s order, in December the PTC board chose Mishra as either CMD or not to restore as director. Since then, Director (Operations) Manoj Kumar Jhawar has charged an additional fee as CMD.
“ABC advisors have been contracted for the search and selection process. Typically, such appointments take three to six months,” said one of the two people cited above.
Leadership discovery also matches with a possible ownership shake-up. State-run promoter NHPC Limited is allegedly considering buying stakes of three other state-owned co -omoters- NTPC Limited, Power Grid Corp of India Limited, and Power finance corpLtd. is currently 4.05% in PTC India, which is for a joint 16.2% stake.
The email press sent to PTC India, ABC Consultants and the Ministry of Power remained unanswered on time.
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In an interview Mint In February, NHPC CMD Raj Kumar Chaudhary said that discussions were going on to acquire other public sector stakes, and NHPC would soon inform the Ministry of Power to its decision. The Ministry of Power had earlier met four public sector undertakings (PSUs) officials in January.
NHPC, however, is not intended to acquire the controversial financing branch of PTC India Financial Services (PFS), PTC India. Both PTC and PFS have faced regulatory investigation on allegations of corporate misconceptions, including evergreen loans in PFS.
Disputes were instigated in February 2022 when several PFS directors resigned, citing the concerns of the government. In June 2024, SEBI stopped Rajab Kumar Mishra and former PFS managing director Pawan Singh By placing board or management roles in any listed company – for six months and two years respectively. The regulator also imposed punishment 10 lakhs and 25 lakhs.
Mishra challenged the Sebi order before SAT, arguing that he had no operations on PFS. In December 2024, Sat ordered against him. Despite this, the PTC board chose him not to restore him in the role of any leadership.
After Mishra’s removal, the PTC board nominated Jhawar as CMD in an interim capacity. In the December quarter of FY25, the company reported a consolidated net profit 181.11 Crore – Surely doubled 97.04 crore were posted in the same period of last year. Jhawar, especially in short -term bilateral and exchange markets, blamed the strong performance for the increase in all power trade sectors.
Established in 1999, PTC India also has a government mandate to facilitate cross -border power trade with Bhutan, Nepal and Bangladesh. Its shares are closed 176.80 with market capitalization of 2.43%on BSE on Tuesday 5,233.43 crore.