PTC Financial Services once again postpones meeting on FY22 results

28 Oct 2022 , 09:40 AM

Power Trading Corp. (PTC) subsidiary PTC Financial Services (PFS) has once more postponed its board meeting to finalize its financial reports for the year ending March 31, 2022.

The audit committee and board meeting that was scheduled for October 25 has been postponed, the business announced in a statement to the stock exchanges.

According to the company, the audit committee unanimously decided not to evaluate the financial accounts for 2021—22 until the forensic audit was finished in a meeting on October 15.

PFS informed stock exchanges that the management is currently responding to the draft report that CNK & Associates LLP, chartered accountants appointed by the firm to undertake a forensic audit, provided on October 24 in order to finish the forensic audit as soon as possible.

According to the business, CNK has not disclosed any fraudulent activity or bad faith on the part of the management.

Four independent PFS directors–KS Vikamsey, Thomas Mathew, Rakesh Kacker, and Santosh B. Nayar–called for a forensic audit in January, alleging problems with the company’s corporate governance, particularly in the area of loan approval and assessment.

According to the most recent data available, PFS’ net profit dropped 67% to Rs7 crore for the third quarter of FY22, which ended in December 2021, from Rs21 crore a year earlier.

PFS failed to meet disclosure and listing standards since earnings were not released for two consecutive quarters, and the Bombay Stock Exchange (BSE) has already warned the business that it may shift its equities to the trade-to-trade (T2T) category.

T2T stocks cannot be purchased and sold on the same day since they must be delivered to the buyer in order for a trade to be completed.

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