PTC India shareholders have approved the appointment of Rajib Kumar Mishra as the company's Chairman and Managing Director with requisite majority votes.
According to a regulatory filing, shareholders approved an ordinary resolution to appoint Mishra as Chairman and Managing Director (CMD) at the seventh Extra Ordinary General Meeting (EGM) held on June 28.
As per the voting result, 77.71 per cent of votes were in favour of the ordinary resolution and 22.29 per cent against the proposal.
Mishra has been appointed as the CMD in PTC India with effect from March 29, 2023.
He was named as the Whole-time Director of the company with effect from February 24, 2020, up to February 23, 2025, or the age of 62 years -- whichever is earlier, by the members of the company at their annual general meeting (AGM) held in September 2020.
Mishra, about 60 years of age, is PhD (Business Administration) from Aligarh Muslim University.
He joined PTC Board on February 24, 2015, as Director (Marketing and Business Development). He has professional experience of 38 years with Power Grid, NTPC and PTC India.
Shareholders also approved the appointment of Rashmi Verma, Jayant Dasgupta and Narendra Kumar as independent directors with a requisite majority.
It is a public-private partnership, with major PSUs of the power ministry as promoters.
As per its website, the share of the promoter companies (POWERGRID, NTPC, PFC & NHPC) is limited to 16 per cent, and the balance 84 per cent by financial institutions, large utilities and the public.
The company is the pioneer in the power market in India. It has also been mandated by the government to trade electricity with Bhutan, Nepal and Bangladesh.
PTC India's consolidated total income stood at Rs 16,002.51 crore last fiscal against Rs 16,879.77 crore in the previous year, while net profit was Rs 507.15 crore during 2022-23 compared to Rs 551.67 crore in the previous fiscal.
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