The Securities and Exchange Board of India (Sebi) has asked PTC India Financial Services (PFS) to address corporate governance and other issues raised by its former chairman and outgoing independent directors before holding its board meeting.
The capital markets regulator has also asked PFS to file an action taken report (ATR) on these issues within four weeks, the company said in a regulatory filing.
A meeting of the board of directors was scheduled to be held on January 22. However, as the company did not have quorum in compliance of Sebi (LODR) Regulations, 2015, therefore, the same could not be held, the filing said.
On January 22, PFS could not hold its board meeting in the absence of its three independent directors — Kamlesh Shivji Vikamsey, Santosh B. Nayar and Thomas Mathew — who resigned from the board of PFS citing corporate governance and other issues on January 19.
The company has filed an application with regulator Sebi for seeking exemption from relevant provisions of Sebi (LODR) Regulations, 2015 to schedule the board meeting for the appointment of independent directors, PFS informed the bourses.
