Securities and Alternate Board of India (Sebi) has requested PTC India Monetary Providers Ltd (PFS) to file an motion taken report (ATR) inside 4 weeks on company governance issues and points raised by resigning administrators. The capital market regulator director directed the corporate to deal with these points earlier than holding board conferences.
PFS, in late evening submitting with BSE, stated the firm has acquired a communication dated twenty second January, 2022 from the SEBI informing that the corporate is directed to deal with the CG points and all different points raised by the resigning IDs and ex-Chairperson first.
A gathering of the Board of Administrators was scheduled to be held on twenty second January, 2022. Nevertheless, the identical couldn’t be held as the corporate doesn’t have quorum required beneath SEBI Laws, the corporate stated in submitting.
Additional, the Firm stated it has filed an utility with SEBI in search of exemption from related provisions of laws to carry the board assembly to nominate Unbiased Administrators. The corporate has already begun the method of choice and induction of three unbiased administrators on the board.
On nineteenth January 2021, all three unbiased administrators – Kamlesh Shivji Vikamsey, Thomas Mathew T. Santosh B. Nayar – resigned citing a number of company governance-related points.
PFS stated these administrators resigned mentioning company governance points which have been raised by the Ex-Chairman in PFS board assembly held on August 05, 2021. It was pertinent to say that PFS MD & CEO addressed all of the issues of the Ex-Chairman in the identical board assembly.
Additionally, on the identical date the board, together with Ex-Chairman and outgoing unbiased administrators, offered a clear company governance report within the board report for the monetary yr, the corporate stated.
In the meantime, score company CARE stated it’ll proceed to observe the result of the interior probe and likewise any potential affect of the resignation of administrators on PFS’s monetary efficiency and its legal responsibility franchise.
The corporate continues to have a snug liquidity profile. As on date, PFS has Rs 410 crore of fastened deposit towards cost obligations of Rs 400 crore until March 2022. The corporate additionally has undrawn credit score strains of Rs 2,000 crore, which supplies additional assist to liquidity. Additionally, as per the asset legal responsibility maturity assertion dated September 30, 2021, there have been no destructive cumulative mismatches, CARE stated.
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