PTC India Monetary Companies (PFS), which has been going through probe over alleged governance points, on Monday stated {that a} lender-appointed auditor has given passable report on its enterprise operations. Final month, capital markets regulator Securities and Trade Board of India (Sebi) had requested PFS– a Non-Banking Finance Firm (NBFC)– to not make any modifications to the corporate’s board until the completion of the forensic audit.

The forensic audit started after former chairman and outgoing unbiased administrators of PFS raised governance and different points in January this yr. Company for Specialised Monitoring (ASM) appointed by lender/s stated the corporate is sustaining required degree of transparency by way of submission of knowledge/statements to the lenders as stipulated on the time of sanction, PFS stated in an announcement on Monday.

The ASM reviewed the corporate’s enterprise operations for the interval of January-March 2022, PFS stated. The money flows for the overview interval had been regular and there was no diversion of funds by any means and “we’re of view that the loans funds availed by the corporate from banks/FIs have been utilised for the aim for which it was meant”, it stated. “We noticed that there aren’t any suspicious exercise/transactions, case of mis-representation/suppression of information and fraudulent practices. The enterprise operations of the corporate are discovered to be passable,” PFS stated citing the unnamed ASM.

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Earlier in January, Sebi had requested PFS to deal with company governance and different points raised by its former chairman and outgoing unbiased administrators earlier than holding its board assembly. Three unbiased administrators — Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew — resigned en masse from the board of PFS citing company governance and different points on January 19. 

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