PTC India Financial Services (PFS), which has been dealing with probe over alleged governance points, on Monday stated {that a} lender-appointed auditor has given passable report on its enterprise operations. Last month, capital markets regulator Securities and Exchange Board of India (Sebi) had requested PFS– a Non-Banking Finance Company (NBFC)– to not make any modifications to the corporate’s board until the completion of the forensic audit.
The forensic audit started after former chairman and outgoing impartial administrators of PFS raised governance and different points in January this yr. Agency for Specialised Monitoring (ASM) appointed by lender/s stated the corporate is sustaining required degree of transparency by way of submission of information/statements to the lenders as stipulated on the time of sanction, PFS stated in a press release on Monday.
The ASM reviewed the corporate’s enterprise operations for the interval of January-March 2022, PFS stated. The money flows for the evaluate interval have been regular and there was no diversion of funds in any way and “we are of view that the loans funds availed by the company from banks/FIs have been utilised for the purpose for which it was intended”, it stated. “We observed that there are no suspicious activity/transactions, case of mis-representation/suppression of facts and fraudulent practices. The business operations of the company are found to be satisfactory,” PFS stated citing the unnamed ASM.
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Earlier in January, Sebi had requested PFS to handle company governance and different points raised by its former chairman and outgoing impartial administrators earlier than holding its board assembly. Three impartial administrators — Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew — resigned en masse from the board of PFS citing company governance and different points on January 19.
Source: www.financialexpress.com”