Sebi bars acting PFS Chairman from holding post of director for 6 months

Sebi imposed penalties and restrictions on PTC India Financial Services Ltd's (PFS) officials. Acting chairman Rajib Kumar Mishra faces a six-month ban from holding director positions in any listed firm and a Rs 10 lakh fine for corporate governance lapses. Former MD and CEO Pawan Singh received a two-year ban from holding such positions and a Rs 25 lakh penalty. \r

Sebi found Singh guilty of obstructing Ratnesh's appointment as Whole Time Director and CFO, approved by PFS board, with Mishra being an accomplice. Singh also delayed disclosing a Forensic Audit Report on loans and failed to report suspected fraud promptly. \r

Three independent directors resigned citing corporate governance concerns, prompting Sebi's investigation into PFS from April 2021 to December 2022.