Capital market regulator Securities and Exchange Board of India (Sebi) on Tuesday requested PTC India Financial Services (PFS) to not make any modifications to the corporate’s board until the completion of the forensic audit. Earlier in January, Sebi had requested PFS to deal with 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. “Given that SEBI has provided a specific action to the company vide SEBI email dated May 13, 2022 – ‘PFS is advised to not change the structure and composition of the PFS Board, till the completion of a forensic audit by M/s CNK & Associates LLP and submission of report by Risk Management Committee (RMC) of PTC India Ltd,” PFS mentioned in a regulatory submitting.
The firm is suggested to proceed to adjust to these particular directions issued by Sebi within the matter, it added. PFS, promoted by PTC India Ltd (PTC), is registered with the RBI as a non-banking monetary firm (NBFC). The systemically necessary non-deposit-taking NBFC has been categorised as an ‘Infrastructure Finance Company (IFC)’ by the RBI.
Source: www.financialexpress.com”