SEBI Hits PTC India Financial Services with Major Penalties for Governance Failures

The Securities and Exchange Board of India (SEBI) imposed penalties and restrictions on PTC India Financial Services Ltd's officials for corporate governance lapses. Acting chairman Rajib Kumar Mishra and former MD and CEO Pawan Singh faced prohibitions and fines for their roles in mismanagement. The violations included delayed disclosures and misuse of positions.

PTI | New Delhi | Updated: 12-06-2024 19:35 IST | Created: 12-06-2024 19:35 IST
SEBI Hits PTC India Financial Services with Major Penalties for Governance Failures
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In a significant move on Wednesday, the Securities and Exchange Board of India (SEBI) has taken stringent action against PTC India Financial Services Ltd (PFS), imposing penalties and restrictions on its acting chairman, Rajib Kumar Mishra, and former MD and CEO, Pawan Singh.

Mishra was restrained from holding a director's position in any listed company for six months and fined Rs 10 lakh. Meanwhile, Singh faced a two-year prohibition from such roles and a fine of Rs 25 lakh, following findings of corporate governance lapses.

Sebi's investigation revealed that Singh had ''grossly misused'' his power to prevent the board-approved appointment of Ratnesh as Whole Time Director and CFO. Mishra, PFS' non-executive chairman since November 2021, was deemed an accomplice. The investigation, rooted in delayed forensic audit report disclosures and deception, underscores serious governance failures. SEBI's 111-page order sheds light on these malpractices, driving home the importance of compliance and accountability.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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