PTC India Financial Services Ltd (PFS) has been ordered to pay penalties totaling Rs 6.40 lakh following the dismissal of its appeals by the Regional Director (North), Ministry of Corporate Affairs. The penalties stem from violations during the financial year 2021-22, as confirmed in a recent disclosure to the stock exchanges.

Penalties Breakdown

The company faces three separate penalties for different violations:

1. Rs 0.70 lakh for failing to facilitate Independent Directors in seeking professional legal advice
2. Rs 0.70 lakh for delays in sharing documents with Independent Directors for legal opinion
3. Rs 5.00 lakh for failure to maintain the prescribed composition of the Nomination and Remuneration Committee

Appeal Dismissal

The Regional Director dismissed all three appeals filed by PFS against the Show Cause Notices issued by the Registrar of Companies, NCT of Delhi & Haryana.

Regulatory Violations

The violations, as per the Regional Director's orders, include:

• Breach of obligations under Section 149(8) read with Schedule IV, Para III(2) and Section 172 of the Companies Act, 2013
• Violation of Section 149(8) read with Schedule IV, Para III(2) of the Companies Act, 2013
• Non-compliance with Section 178(1) of the Companies Act, 2013 regarding the composition of the Nomination and Remuneration Committee

Financial Impact

PTC India Financial Services has stated that there is no material impact on its operations or financial position, except for the penalty amount of Rs 6.40 lakh. The company has already created provisions for this amount in its books of accounts.

Compliance Measures

While the company has not detailed specific measures to address these violations, the penalties serve as a reminder of the importance of strict adherence to regulatory requirements, particularly in areas of corporate governance and board operations.

PFS, a subsidiary of PTC India Limited, will need to ensure robust compliance mechanisms are in place to prevent similar issues in the future, especially concerning the facilitation of Independent Directors' roles and the proper constitution of key committees.

PTC India Financial Services Limited (PFS) has announced the appointment of Sanjeev Kumar as Whole Time Director designated as Director (Operations) for a period of 5 years or until his superannuation, whichever is earlier. The appointment, effective from June 10, 2025, was approved by shareholders at the company's 19th Annual General Meeting held on August 6, 2025.

Extensive Experience in Banking and Finance

Sanjeev Kumar brings over 30 years of experience in banking and finance to his new role at PFS. His expertise spans across various sectors, including retail, corporate, construction, and infrastructure finance. Prior to joining PFS, Kumar served as the Chief Executive Officer of IIFCL Projects Limited, a wholly-owned subsidiary of India Infrastructure Finance Company Limited (IIFCL).

Professional Background

Throughout his career, Kumar has held key positions in several prominent financial institutions:

• Worked with leading organizations such as State Bank of India (SBI), ICICI Bank, and IIFCL
• Served as General Manager (Finance) at the National Highways Authority of India (NHAI) for more than 5 years
• Played crucial roles in various policy initiatives of the Government of India, particularly in eliminating financial stress in road projects and reviving lagging projects

Qualifications and Expertise

Sanjeev Kumar's educational background and professional certifications include:

• Cost and Management Accountant (CMA) from the Institute of Cost Accountants of India
• Certified Associate of the Indian Institute of Banking and Finance (CAIIB)
• Extensive experience in financial management of large and medium-sized infrastructure projects, particularly in the road and power sectors

Role at PTC India Financial Services

As Whole Time Director (Operations), Kumar is expected to contribute significantly to PFS's operations and strategic initiatives. His appointment comes at a time when the company is likely looking to strengthen its position in the infrastructure financing sector.

Shareholder Approval and Compliance

The appointment of Sanjeev Kumar was made in compliance with regulatory requirements:

• Initially appointed as an Additional Director by the Board of Directors on June 10, 2025
• Shareholders approved his appointment as Whole-time Director (Operations) at the 19th AGM
• The company has duly informed the stock exchanges as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

PTC India Financial Services Limited, a subsidiary of PTC India Limited, continues to focus on strengthening its leadership team to drive growth and efficiency in its operations. The appointment of Sanjeev Kumar, with his rich experience in infrastructure finance and policy matters, is expected to bring valuable insights and expertise to the company's management.