PTC India defers Q3 results on SEBI bar over board meet of NBFC arm
Premium- PTC India's board was scheduled to approve its financial results on Monday, February 14
NEW DELHI : The board of state-run PTC India has 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).
PTC India's board was scheduled to approve its financial results on Monday, February 14.
PTC India holds 64.99% stake in PFS, a listed non-banking financial company (NBFC). The issue pertains to recent allegations by independent directors 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. In absence of convening of a valid board meeting, limited reviewed financial results of PFS were not available for consolidation with the company for submission to stock exchanges, PTC India said.
The company has also taken up the matter with SEBI for an exemption and said that it would submit its financial results shortly.
"We are waiting for SEBI nod to declare our results on priority," said Rajib K. Mishra, CMD (Additional Charge), PTC India.
Talking of the operational performance, Mishra said: “As per the data filed with CERC, PTC India has clocked a volume of 70.1 billion units in 9 months and 19.4 billion units for the 3rd quarter ending December 31. The volumes as reported to CERC has increased by 10% for 9 months and 5% for the third quarter. The market share of PTC India remained in the band of 51-54% as per CERC filing. PTC India is having strong pipeline of orders and standing on strong fundamentals."
Last month Kamlesh Vikamsey, Thomas Mathew, and Santosh Nayar resigned as independent directors of PFS citing serious governance lapses in the company. Following this, former bureaucrat Rakesh Kacker stepped down as an independent director from the board of PTC India citing misgovernance in the subsidiary.
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Kacker, was also on the board of PTC India Finanial Services till December 31, 2021.
The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) are likely to take the lead in probing the allegations of corporate governance lapses in PTC India Financial Services Ltd (PFS), while the government will closely monitor the situation and wait for an assessment of the affairs of the company, according to government officials.
Shares of PTC India on the BSE closed at ₹88.90, lower by ₹3.40 or 3.68% from its previous close.
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