Ministry result

Director’s exit hints that ministry is muddling Sebi’s investigation into PFS debacle

(L to R) Pawan Singh, Director, PTC India; RK Singh, Minister of Electricity and New and Renewable Energy; Renu Narang, Executive Director, NTPC.

Synopsis

After disagreements with the report on action taken, NTPC abruptly removes its appointed director from the PTC India board; another director leaves the nomination committee. Insiders say the unfolding events point to ministry blessings.

A month after the Securities and Exchange Board of India (Sebi) ordered PTC India Financial Services (PFS) to submit an Action Taken Report (ATR) on the allegations of the three resigning independent directors, a new row has erupted in the on its parent’s board of directors. A key director of PTC India, who was directly involved in PFS issues and voiced concerns, was abruptly kicked out of the board. Insiders say the sequence of events hints that the

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