Board extends MD & CEO and Company Secretary tenures; names Nodal Officer for monetisation process

Board extended MD & CEO (Addl.

Mon 12 Oct 2026

MD & CEO tenure extension

1-year from 1 Dec 2026 to 30 Nov 2027, subject to shareholder approval

Company Secretary tenure extension

1-year from 6 Nov 2026 to 5 Nov 2027

Nodal Officer appointed

Govinda Garg, AVP-CS

Tenure extensions and a coordination role

The board of PTC India Financial Services met on 12 October 2026 and, as per the outcome of the board meeting, approved three items.

Continuity in the two key managerial positions

• Rajiv Malhotra continues as MD & CEO (Addl. Charge): his tenure has been extended for a period of 1-year from 1 December 2026 to 30 November 2027, on the same terms & conditions and subject to approval of shareholders of the Company. His present term as MD & CEO (Addl. Charge) runs from 1 July 2026 to 30 November 2026.
• Manohar Balwani continues as Company Secretary & Compliance Officer: his tenure has been extended for a period of 1-year from 6 November 2026 to 5 November 2027. He joined the Company as Company Secretary Designate on 6 November 2024 and assumed the charge of Company Secretary & Compliance Officer on 1 December 2024.

A nodal officer for the holding company's monetisation exercise

PTC India Limited, the holding company of the Company, had disclosed to the stock exchanges on 19 May 2026 its decision to re-initiate the process of exploring opportunities for monetisation of its investment in the Company, subject to necessary approvals, as may be required.

The board appointed Shri Govinda Garg, AVP-CS, or any other Officer(s) nominated by the MD & CEO (Addl. Charge), as the Nodal Officer for providing timely information/documents and for assistance and coordination with PTC India Limited and the Advisor(s) appointed by PTC India Limited.

The company stated that the authorisation does not constitute approval of any divestment or transfer of shares by the Company, nor does it indicate that any transaction has been finalised.

The shareholder step

The MD & CEO (Addl. Charge) tenure extension is subject to approval of shareholders. The process, timelines and other requisite details of the postal ballot seeking that approval will be submitted along with the Notice of Postal Ballot in due course.

Background on the two appointees

• Shri Rajiv Malhotra, aged about 59 years, is a Mechanical engineer with a Post Graduate Program (PGP) in Management, an alumnus of NIT Kurukshetra and the Indian Institute of Management Lucknow, and holds a charter in Financial Analysis (CFA). He has been Executive Director & Group Chief Risk Officer at PTC India Ltd since June 2013 and has more than 36 years of experience in the utility and energy sector. He is not debarred from holding the office of a Director by virtue of any SEBI order or any other such authority. Shri Malhotra and Dr. Manoj Kumar Jhawar are related to each other to the extent both being in the employment with PTC.
• Shri Manohar Balwani is a CS & CWA with an experience of over 4 decades. In his last employment prior to joining the Company, he was serving as Executive Director - Company Secretary with Power Finance Corporation Limited.

How to read this

The update points to continuity in the MD & CEO (Addl. Charge) and Company Secretary & Compliance Officer roles, and to a designated point of contact for a process the holding company says it is exploring. On the monetisation process itself, the company's own wording is that no divestment or transfer of shares has been approved and no transaction has been finalised.

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