PTC India appoints ABC Consultants to find new CMD amid ongoing restructuring

Power trading company PTC India Ltd has hired Delhi-headquartered ABC Consultants to lead the search for a new chairman and managing director (CMD), according to two people familiar with the development.

The move comes nearly a year after the ouster of former CMD Rajib Kumar Mishra following a directive from the Securities and Exchange Board of India (Sebi). Although the Securities Appellate Tribunal (SAT) later overturned Sebi’s order, the PTC board in December chose not to reinstate Mishra either as CMD or as a director. Since then, director (operations) Manoj Kumar Jhawar has held additional charge as CMD.

“ABC Consultants has been contracted for the search and selection process. Typically, such appointments take three to six months,” said one of the two people cited above.

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The leadership search also coincides with a potential ownership shake-up. State-run promoter NHPC Ltd is reportedly considering buying out the stakes of PTC’s three other state-owned co-promoters—NTPC Ltd, Power Grid Corp. of India Ltd, and Power Finance Corp. Ltd. Each currently holds 4.05% in PTC India, for a combined 16.2% stake.

Emails sent to PTC India, ABC Consultants, and the power ministry remained unanswered at press time.

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In an interview to Mint in February, NHPC CMD Raj Kumar Chaudhary said discussions were underway to acquire the other public sector stakes, and that NHPC would soon inform the power ministry of its decision. The power ministry had earlier met officials from the four public sector undertakings (PSUs) in January to discuss the divestment.

NHPC, however, does not intend to acquire PTC India Financial Services (PFS), the controversial financing arm of PTC India. Both PTC and PFS have faced regulatory scrutiny over allegations of corporate misgovernance, including evergreening of loans at PFS.

The controversy erupted in February 2022 when several PFS directors resigned, citing governance concerns. In June 2024, Sebi barred Rajib Kumar Mishra and former PFS managing director Pawan Singh from holding board or management roles in any listed company—for six months and two years, respectively. The regulator also imposed penalties of ₹10 lakh and ₹25 lakh.

Mishra challenged the Sebi order before SAT, arguing that he had no operational oversight over PFS. In December 2024, SAT quashed the order against him. Despite this, PTC’s board chose not to reinstate him in any leadership role.

Following Mishra’s removal, PTC’s board had named Jhawar as CMD in an interim capacity. In the December quarter of FY25, the company reported a consolidated net profit of ₹181.11 crore—nearly double the ₹97.04 crore posted in the same period the previous year. Jhawar attributed the strong performance to growth across all electricity trading segments, particularly in the short-term bilateral and exchange markets.

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Established in 1999, PTC India also has a government mandate to facilitate cross-border power trade with Bhutan, Nepal, and Bangladesh. Its shares closed at ₹176.80 on the BSE on Tuesday, up 2.43%, with a market capitalization of ₹5,233.43 crore.