Latest News | PTC India Defers Financial Results

Latest News | PTC India Defers Financial Results

New Delhi, Feb 14 (PTI) Power trading solutions provider PTC India’s board on Monday decided to defer its financial results for the October-December period as those of its arm PTC India Financial Services (PFS) were not available for consolidation.

In a regulatory filing, the company stated that “PFS, in which the Company holds 64.99 per cent stake, is registered with the RBI as a Non-Banking Financial Company (NBFC). Independent Directors on the board of PFS resigned on January 19, 2022. The SEBI directed PFS not to hold Board Meeting till all issues are addressed.”

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It further pointed out that “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”.

Board of Directors in its meeting dated February 14, 2022 decided to defer the agenda item of consideration and approval of the financial results of PTC India for the quarter and nine month period ended December 31, 2021 on account of non-availability of limited review financial results of PFS, a subsidiary company of PTC, for consolidation, the filing stated.

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Earlier in January, three independent directors Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew T had resigned.

The PFS, promoted by PTC India Ltd (PTC), is registered with the RBI as a Non-Banking Financial Company (NBFC). The systemically important non-deposit taking NBFC has been classified as an ‘Infrastructure Finance Company (IFC)’ by the RBI.

This decision was taken despite the standalone results of PTC India being available since proper compliance of regulations 33(3) would require consolidated results to be considered in addition to standalone results, it explained.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)

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