Former diplomat Preeti Saran resigns from PTC India; details here

Former diplomat Preeti Saran has tendered her resignation from the Power Trading Corporation of India Limited (PTC). Saran stepped down from the board on 6 December, as stated by PTC India Financial Services (PFS) in a regulatory filing. This news comes amid the continuing withdrawal of independent directors who complained of lapses in compliance, governance, and many other issues in the company and its subsidiary PFS. On 5 December, BSE Chairman S. S. Mundra also resigned from the board of the state-run firm. Others who resigned from the board of PTC’s controversy-hit subsidiary PFS are Sushma Nath, former Secretary in the Ministry of Finance, and Devendra Swaroop Saksena, former Principal Chief Commissioner of Income Tax, Mumbai. Jayant Purushottam Gokhale, founder of Gokhale & Sathe also resigned from the board of PFS. Saksena and Gokhale gave their resignation on 2 December, while Nath stepped down on 22 November as per the regulatory filing by PFS. Saksena stated the deficient governance practices followed by the PTC India subsidiary, shown by findings of a forensic audit conducted between July and November 2022, as the reason for his exit. Concerns have been raised by independent directors about the conduct of proceedings of PTC’s Risk Management Committee (RMC). They have also expressed their doubts regarding the cognizance taken by the board of directors of RMC’s report to look into the matters of corporate governance of PFS and other issues. PTC saw a drop of 29 per cent in consolidated net profit on 7 December for the quarter ended 30 September at Rs 138.23 crore. The company saw a net profit of Rs 195.48 crore during the same period in the last financial year. It reported a consolidated net profit of Rs 135.1 crore for the first quarter of the current fiscal, as against the Rs 136.17 crore in the corresponding quarter in the last fiscal. This development comes after exchanges stopped trading on its shares and the shares of its subsidiary PFS because of the delay in the announcement of the quarterly earnings. Established in 1999 by the government as a public-private partnership, the primary focus of PTC India is to develop a commercially vibrant power market in the nation. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.