The Hindu Business Line : PTC India to pull on without a chief for now

A crucial board meeting of PTC India Ltd, scheduled for September 1 to take up the issue of the reappointment of its Chairman and Managing Director Mr T.N. Thakur, has been postponed indefinitely.

The board of directors has to approve the reappointment of the present CMD or the appointment of a new chief before it is put up for shareholder approval at PTC's annual general meeting (AGM), which is scheduled for September 27. With time running short (the notice of the AGM, along with the agenda and resolutions to be passed, has to reach shareholders 21 days before the scheduled date), it appears likely that the country's largest power trader could temporarily be without a Chairman and Managing Director. Interestingly, an earlier board meeting on August 24 could not decide on the reappointment of Mr T. N. Thakur as CMD and Mr S. K. Dube as Director (Operations), since representatives from Government-owned promoter companies — National Thermal Power Corporation and Power Finance Corporation — did not attend, sources said.

According to the company's notice to the BSE on the outcome of that board meeting, the issue was adjourned to be discussed at another meeting scheduled for September 1. It is this rescheduled board meeting that has now been postponed without stating any date. The sources said that with not enough time for the issue to be put on the notice on the company's upcoming AGM, there is a possibility that PTC could go headless.

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