Latest News | PFS declares that the auditor appointed by the lender gives a satisfactory report on the business operations
New Delhi, Jul 4 (PTI) PTC India Financial Services (PFS), which is under investigation over alleged governance issues, said on Monday that an auditor appointed by a lender had provided a satisfactory report on its commercial operations.
Last month, capital markets regulator Securities and Exchange Board of India (Sebi) had asked PFS – a non-banking financial company (NBFC) – not to make any changes to the company’s board until the end of forensic audit.
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The forensic audit began after the former chairman and outgoing independent directors of PFS raised governance and other issues in January this year.
The Specialized Monitoring Agency (ASM) appointed by the lender(s) has stated that the company maintains the required level of transparency in terms of data/reporting submissions to lenders as stipulated at the time of the sanction, PFS said in a statement. statement on Monday.
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The ASM reviewed the company’s business operations for the period from January to March 2022, PFS said.
Cash flows for the reporting period were normal and there was no misappropriation of funds and “we are of the opinion that the loan funds obtained by the company from banks/FIs have been used for the purpose for which they were were intended,” he said. .
“We have observed that there is no suspicious activity/transaction, instances of misrepresentation/suppression of facts and fraudulent practices. The business operations of the company are found to be satisfactory,” PFS said citing the ‘Anonymous ASM.
Earlier in January, Sebi asked PFS to address corporate governance and other issues raised by its former chairman and outgoing independent directors ahead of its board meeting.
Three independent directors – Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew – resigned en masse from the PFS board citing corporate governance and other issues on January 19.
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