After several adjournments and contradictory exchange updates, the PTC India subsidiary has just one day left to meet the regulatory-mandated deadline to file audited financials. The dilly dallying is raising concerns around what is cooking at PFS, which has seen several face-offs between the management and its independent directors.
Former IL&FS executive Sabyasachi Mukherjee, who was cleared for appointment as the managing director and CEO of PFS by the RBI, was not allowed to join by the companys current leadership. Independent directors recently met RBI officials.
During the first phase, silt removal and strengthening of the lake bund will take place, along with the construction of inlets. More than 1,000 saplings will be planted in the second phase, which is expected to commence during the monsoon
RBI has also pointed out irregularities in the appointment of the company secretary and independent directors, and given a draft Risk Mitigation Plan with timelines.