Taking steps to address compliance issues: PTC CMD

Power trading solutions provider PTC India Ltd (PTC) on Thursday said it is undertaking necessary steps to complete all compliances with respective regulators and a meeting of its board to declare financial results would be called shortly.

The company said that its arm PTC Financial Services Ltd will shortly hold a board meeting for the approval of financial results and subsequent to that PTC India will declare its financial results.

With the proper functioning of the board at PTC Financial Services (PFS), the subsidiary has conducted two board meetings in April 2022, PTC said in a statement.

Market regulator Sebi in January had asked PTC and its arm PFS to address corporate governance and other issues raised by its former chairman and outgoing independent directors before holding a board meeting. The regulator had also asked the companies to file an action taken report in four weeks.

PFS was hit by controversy in January following en masse resignations of its independent directors who alleged corporate governance lapses.

Following the resignations, the company's CMD Rajib K Mishra had said that there will be a fair inquiry into alleged corporate governance issues at its subsidiary PTC Financial Services Ltd (PFS).

PTC in a statement on Thursday said a board meeting to declare the financial results would be called shortly.

"We have made significant progress. All the compliance issues are being addressed. With the proper functioning of the board at 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," Mishra said.

The company also said that on April 27, 2022, it had informed about the appointment of a forensic audit firm to examine the issues highlighted by former independent directors.