Rajib Kumar Mishra, former chairman and managing director of PTC India Ltd., will appeal to the Securities Appellate Tribunal to oppose the Securities And Exchange Board of India's order to debar him from being a director in a listed entity for six months.
Following the order passed by the market regulator last week, Mishra ceased to be the chairman and non-executive director of PTC India Financial Services Ltd. and also CMD of PTC India.
"SEBI's order is appealable, and in the merit of the order, I will go to SAT for further action and to safeguard my rights," Mishra told PTI.
PFS, promoted by PTC India, is a non-deposit-taking non-banking financial company classified as an infrastructure finance company.
"Pursuant to...regulatory order issued by SEBI, Rajib Kumar Mishra ceases to be the chairman, non-executive director of the company with effect from the date of issue of the said order i.e. June 12, 2024," PFS had said, in a regulatory filing to the stock exchanges, last week.
In a separate filing, PTC India had said that Mishra ceased to be in his position in the company with effect from the date of the order.
Last Wednesday, the regulator prohibited Mishra from "holding any position of director or key managerial personnel in any listed company or any intermediary registered with SEBI or associating himself with any listed public company or a public company, which intends to raise money from the public or any intermediary registered with SEBI, in any capacity, for a period of six months" for corporate governance lapses at PFS.
SEBI also fined Mishra an amount of Rs 10 lakh.
Mishra explained that he was a non-executive chairman and a nominee director on the board of PFS and that any non-executive board member does not have any authority and delegation of power according to the Articles of Association.
He also said that all the loan accounts (of PFS) were handled by executives of the company, including the management.
The forensic audit conducted and data requirement for that was purely in the company's domain, and data availability and facilitation thereof was also the responsibility of the management, he said.
(With PTI inputs)
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