Address governance points forward of board meet, Sebi tells PFS

Market regulator Sebi has requested PTC India Financial Services (PFS) to handle company governance and all different points raised by the corporate’s resigning impartial administrators and former Chairperson earlier than holding any board assembly. The Securities and Exchange Board of India (Sebi) has additionally requested the corporate to file an motion taken report on this regard to it inside 4 weeks.
In an alternate submitting, PFS mentioned, “We would like to mention that a meeting of the board of directors was scheduled to be held on January 22. However, as the company did not have quorum in compliance of SEBI (LODR) Regulations, 2015, the same could not be held.”
The firm has additionally filed an software with Sebi searching for exemption from related provisions to schedule the board assembly for the appointment of impartial administrators. “We further wish to mention that Independent Directors of the company resigned on January 19 mentioning corporate governance issues as raised by ex-Chairman in PFS board meeting dated August 5, 2021. It is pertinent to mention that PFS MD & CEO addressed all the concerns of ex-Chairman in the same board meeting,” the corporate mentioned.
Citing company governance points, impartial administrators — Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew T — stop the PFS board final week.
On August 5, 2021, the board, together with the ex-Chairman and outgoing impartial administrators, offered a “clean corporate governance report in the board report for financial year ended March 2021 and acknowledged with deep appreciation the co-operation received from directors”, the corporate mentioned. “We further wish to inform that subsequently on September 24, 2021, ex-Chairman addressed the shareholders of the company in 15th annual general meeting with appreciation to the company and mentioned no concern related to corporate governance,” the submitting by PFS added.

“We are closely monitoring the situation and observed that there are differences of opinion at operation and the board level of PFS on few issues. These issues are being looked into by a senior level committee of the company,” Rajib Okay Mishra, Director (M&BD) and Chairman & MD In-charge, PTC India, mentioned final week.
Promoted by PTC India Ltd, PFS is registered with the RBI as an NBFC. Meanwhile, PFS refuted the allegations raised by the resigned administrators and mentioned the matter will probably be addressed on the board stage.