NTPC to take full control of PTC India as other promoters step back and top boss role gets split

The Board of Directors of PTC India Ltd on Friday, January 23, took note of an Office Memorandum from the Ministry of Power, laying out a major restructuring of the company’s promoter and management setup.

Under the directive, NTPC will emerge as the sole promoter of PTC, while the other three promoters — PFC, POWERGRID, and NHPC — are required to withdraw their nominee directors from the Board and relinquish their promoter rights as per the company’s Articles of Association.

The memorandum also provides

for a split of the current CMD role at PTC. The CMD of NTPC will assume the position of Non-Executive Chairman, while the current CMD of PTC will be redesignated as Managing Director (MD), stated the exchange filing.

PFC, POWERGRID, and NHPC are expected to formally communicate their withdrawal of nominee directors and promoter rights to PTC. Following the transfer of management control to NTPC, the Ministry of Power may also withdraw its nominee director from the Board.

The Executive Director (CP&BD) of NTPC has been appointed as the Nodal Officer to coordinate and oversee the implementation of the new arrangement, stated the exchange filing.

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