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PTC India Board Approves AOA Changes; Dr Manoj Kumar Jhawar Redesignated as MD

PSU Connect
PTC India approves key AOA amendments including promoter rights changes and redesignates Dr Manoj Kumar Jhawar as Managing Director. Full board meeting details here.
PTC India Board Approves AOA Changes; Dr Manoj Kumar Jhawar Redesignated as MD

New Delhi: PTC India Limited has approved significant governance-related changes during its Board Meeting held on 14 February 2026, in compliance with Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board, subject to shareholder and statutory approvals, has approved amendments to the company’s Articles of Association (AOA). These amendments primarily relate to the relinquishment of specific rights earlier conferred upon three promoter entities:

  • NHPC Limited

  • Power Grid Corporation of India Limited

  • Power Finance Corporation Limited

Key AOA Amendments Include:

  • Removal of promoter rights to appoint nominee directors (Article 113)

  • Modification of quorum-related provisions (Article 133)

  • Changes in consent requirements for appointment of CMD/MD/WTD (Article 129)

  • Revision in the definition of “Promoter”

  • Deletion of provisions relating to Promoters Agreement (Article 178)

  • Alignment of directors’ remuneration provisions with Companies Act norms

These changes aim to streamline corporate governance structure and align with evolving regulatory and ownership frameworks.

 

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Change in Leadership Designation

The Board also approved a change in designation of Dr. Manoj Kumar Jhawar (DIN: 07306454) from Chairman & Managing Director to Managing Director, subject to shareholder approval.

As part of this change:

  • Dr. Jhawar will relinquish the position of Chairman from a date to be decided by the Board.

  • He will continue as Managing Director for the remainder of his existing term, i.e., until 19 August 2028.

  • His office will now be liable to retire by rotation.

Dr. Jhawar was appointed Chairman & Managing Director effective 13 May 2025 and continues in his executive leadership capacity under the same terms and remuneration previously approved by shareholders.

The Board Meeting commenced at 6:00 PM and concluded at 8:07 PM.

The company confirmed that the information will also be available on its official website.

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