Business
ICRA places ratings of PFS under watch with negative implications
Rating agency ICRA has placed the ratings of PTC India Financial Services Ltd (PFS) under surveillance, negatively impacting the resignation of three of the company’s independent directors.
Such events (resignations) may affect business operations and investor and lender confidence in the company in the short to medium term. ICRA said in a statement that the changes could also affect the company’s ongoing asset quality-related resolutions. Bonds and long-term bank financing are rated ‘A+’, while short-term bank financing and commercial paper are rated ‘A1+’.
Three directors – Kamlesh Shivji Vikamsey, Thomas Mathew T and Santosh B Nayar – resigned on 19 January 2022 due to corporate governance lapses. PFS refuted the allegations and said it had been adhering to best corporate governance practices under the guidance of its promoters (PTC India Ltd), regulators and the Indian government.
ICRA said it favourably noted that the liquidity position of PFS is now adequate with liquidity on the balance sheet of Rs 4.1 crore against repayments of Rs 400 crore by March 2022.
ICRA will continue to monitor developments. Appropriate rating action will be taken when there is more clarity from the new board, top-level findings, implications for incremental funding and business growth prospects.
Last week, another rating agency, CARE, said it would continue to monitor the results of an internal investigation and any possible impact of the resignation on PFS’ financial performance and its liability franchise.
The Securities and Exchange Board of India (Sebi) has asked PFS to submit an Action Report (ATR) within four weeks on corporate governance matters and issues raised by resigning directors. The head of the capital markets regulator instructed companies to address these issues before holding a board meeting.
Complete News Source : Business Standard
.jpg "Ravan’s death is mourned in UP’s Bisrakh village, Dussehra is not a festival")
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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