Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Compliance issues being addressed: PTC India
BackBack

Compliance issues being addressed: PTC India

The company said that its board will shortly meet to declare the financial results

Shares of PTC India on Thursday closed at ₹82.80 on the BSE, lower by 1.02% from its previous close. (Photo: Mint)Premium
Shares of PTC India on Thursday closed at 82.80 on the BSE, lower by 1.02% from its previous close. (Photo: Mint)

NEW DELHI : Controversy-hit PTC India Ltd on Thursday said that all its compliance issues are being addressed.

In a statement, the company said that its board will shortly meet to declare the financial results. 

Rajib Kumar Mishra, CMD (Additional Charge) of PTC India said: “We have made significant progress. All the compliance issues are being addressed. With the proper functioning of board at PTC Financial Services Ltd (PFS), PFS has conducted two board meetings in April 2022." 

“PFS will call its Board meeting for approval of financial results shortly and subsequent to that PTC India will declare its financial result in compliance with the SEBI LODR," he said

PFS had informed through an exchange filing on 27 April 2022, regarding appointment of an forensic audit firm to examine the issues highlighted by former independent directors. The company is taking necessary steps to complete all the compliance with various regulators, the statement said.

In February, the board of state-run PTC India deferred the approval to its Q3 results as it could not prepare the consolidated financial results given SEBI’s restrictions on board meeting of its NBFC arm PTC India Financial Services (PFS). Its board was originally scheduled to approve its financial results on February 14.

PTC India holds 64.99% stake in PFS, a listed non-banking financial company (NBFC). The issue pertains to allegations by independent directors -- Kamlesh Vikamsey, Thomas Mathew, and Santosh Nayar -- who resigned from the board of PFS on January 19, 2022 citing corporate misgovernance in the company.

Following the allegations, SEBI directed PFS not to hold board meeting till all issues are addressed.

Shares of PTC India on Thursday closed at 82.80 on the BSE, lower by 1.02% from its previous close.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Rituraj Baruah
Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 12 May 2022, 09:16 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App