SAT stays Sebi order against former PTC India CMD Rajib Kumar Mishra

The Securities Appellate Tribunal (SAT) has stayed a Sebi order that restrained former PTC India chairman and managing director Rajib Kumar Mishra from being a director in a listed entity for six months in a matter pertaining to corporate governance lapses.

Following the order passed by markets regulator Sebi on June 12, Mishra ceased to be the chairman and non-executive director of PTC India Financial Services Ltd (PFS) and CMD of PTC India Ltd.

PFS, promoted by PTC India Ltd, is a non-deposit-taking NBFC classified as an infrastructure finance company.

Giving interim relief to Mishra SAT in its order on Friday, said, "The operation of the impugned order shall remain till the next date of hearing subject to deposit of 50 per cent of the penalty amount by the appellant with the Sebi within two weeks.

The markets regulator, through its order, prohibited Mishra from "holding any position of director or key managerial personnel in any listed company or any intermediary registered with