New Delhi PTC India Financial Services Limited (PFS) has appointed a forensic auditor to look into the governance lapses alleged by former independent directors.
“This is to inform that as a part of good corporate governance, the Company has appointed CNK & Associates LLP (Chartered Accountants) to inter alia conduct third party independent forensic audit of the issues uncovered by the former independent directors,” PFS said in a regulatory filing on Thursday.
A forensic audit goes deep into the records of companies and is similar to an investigation to detect any irregularities, unlike a statutory audit, which is a compliance requirement, and is meant to certify that the financial statements are in line with one’s affairs. Show the correct picture. company.
The appointment of the forensic auditor comes at a time when capital markets regulator Securities and Exchange Board of India (SEBI) and the Ministry of Corporate Affairs (MCA) have taken note of the issues raised by three independent directors, who have recently filed for “serious cases”. cases”. lapse in corporate governance in PFS”. Also, a former bureaucrat, Rakesh Kakar also stepped down as an independent director from the board of PTC India, citing alleged corporate misrule at the non-bank lender.
PTC India Chairman and Managing Director Rajiv K. Mishra had earlier in a press meet termed the allegations of three independent directors of PFS as an attempt to “defame” the company and questioned the timing and intention behind their resignations.
Regulatory agencies take seriously the feedback from independent regulators in view of their role as gatekeepers of good governance in the company.