New Delhi Controversial PTC India Limited on Thursday said that all its compliance issues are being resolved.
The company said in a statement that its board will meet soon to announce the financial results.
Rajiv Kumar Mishra, CMD (Additional Charge), PTC India said: “We have made significant progress. All compliance issues are being addressed. With proper functioning of the Board in PTC Financial Services Limited (PFS), PFS has held two Board Meetings in April 2022.”
“PFS will soon convene its board meeting for approval of financial results and thereafter PTC India will declare its financial results in compliance with SEBI LODR,” he said.
The PFS, through an exchange filing dated 27 April 2022, had informed with regard to the appointment of a forensic audit firm to examine the issues highlighted by the former independent directors. The company is taking necessary steps to meet all compliances with various regulators, the statement said.
In February, the board of state-run PTC India deferred approval for its Q3 results as it could not prepare consolidated financial results as SEBI banned the board meeting of its NBFC arm PTC India Financial Services (PFS). Was. Its board was originally supposed 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 Nair, who resigned from the board of PFS on January 19, 2022, citing corporate mismanagement in the company.
Following the allegations, SEBI directed PFS not to hold the board meeting till all the issues are resolved.
PTC India shares closed at Thursday’s level 82.80 on the BSE, down 1.02% from its previous close.