Extension of tenure of MD&CEO (Addl. Charge) and Company Secretary; holding company re-initiates monetisation process

Board extended Shri Rajiv Malhotra's tenure as MD&CEO (Addl.

Mon 12 Oct 2026

MD&CEO (Addl. Charge) tenure extension

1 year w.e.f. 1st December 2026 till 30th November 2027, subject to approval of shareholders

Company Secretary & Compliance Officer tenure extension

1 year w.e.f. 6th November 2026 till 5th November 2027

Board meeting date

meeting held on 12 October 2026

Board outcome of the meeting on 12 October 2026

The Board of Directors, at its meeting held on 12 October 2026, approved two tenure extensions of key managerial personnel and appointed a Nodal Officer for coordination on a monetisation process being explored by the holding company.

Extended: MD&CEO (Addl. Charge)

• Shri Rajiv Malhotra (DIN: 023833396) has been given an extension as MD&CEO (Addl. Charge) for a period of 1-year w.e.f. 1st December 2026 till 30th November 2027, on same terms & conditions and subject to approval of shareholders of the Company.
• The Postal Ballot seeking the shareholders' approval, along with its process and timelines, will be submitted along with the Notice of Postal Ballot.
• He was earlier appointed MD&CEO (Addl. Charge) w.e.f. 1st July 2026 till 30th November 2026, as intimated through earlier communications.
• The update states he is not debarred from holding the office of a Director by virtue of any SEBI order or any other such authority.

His background, as given in the update

• Aged about 59 years; a mechanical engineer with a Post Graduate Program (PGP) in Management, an alumnus of NIT Kurukshetra and Indian Institute of Management, Lucknow, and a charter in Financial Analysis (CFA).
• Has been Executive Director & Group Chief Risk Officer since June 2013 in PTC India Ltd; earlier spent the first nine years of his career with NTPC and has held roles including Chief Operating Officer at Athena Energy Ventures Pvt. Ltd. and Vice President at PTC.
• Has more than 36 years of experience in the utility and energy sector, covering strategy and finance, customer relations, cyber resilience, tariff and risk analysis and regulatory matters.
• The update discloses that he and Dr. Manoj Kumar Jhawar are related to each other to the extent both being in the employment with PTC.

Extended: Company Secretary & Compliance Officer

• Shri Manohar Balwani (ACS: 11117) has been given an extension as Company Secretary & Compliance Officer for a period of 1-year w.e.f. 6th November 2026 till 5th November 2027.
• He had joined the Company as Company Secretary Designate on 6th November 2024 and assumed the charge of Company Secretary & Compliance Officer on 1st December 2024.
• He is a CS & CWA with an experience of over 4 decades; in his last employment before joining the Company, he was Executive Director - Company Secretary with Power Finance Corporation Limited.
• No relationship disclosure applies for him.

Monetisation process and the Nodal Officer

• The Board noted that PTC India Limited, the holding company, had disclosed to the stock exchanges on 19th May 2026 its decision to re-initiate the process of exploring opportunities for monetisation of its investment in the Company, subject to necessary approvals.
• Shri Govinda Garg, AVP-CS, or any other Officer(s) nominated by the MD&CEO (Addl. Charge), has been appointed as the Nodal Officer for providing timely information/documents and for assistance and coordination with PTC India Limited and the Advisor(s) appointed by it.
• The update states that this 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.

What this means for a retail reader

• Both changes are tenure extensions of existing office holders rather than new appointments; one is subject to shareholders' approval through a Postal Ballot.
• The monetisation item relates to the holding company's plan to explore selling its stake in the Company; the update itself records that no divestment approval or completed transaction is involved at this stage.
• Follow-up points to track are the Postal Ballot for the MD&CEO's extension and any further steps communicated on the monetisation process.

The meeting commenced at 6:00 P.M. and concluded at 7:00 P.M.

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