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.
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Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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