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ICRA places ratings of PFS under watch with negative implications

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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.

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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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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Stephanie Hsu and Zosia Mamet talk about their new series Laid, and some of the horrors of dating as millennials.
Imagine a scenario where anyone and everyone you have ever been intimate with begins to die one by one. Is it a curse? If yes, then who is cursed? These are questions that Stephanie Hsu‘s Ruby battles with in the new zany comedy, Laid. Ahead of the show’s release, Stephanie and co-star Zosia Mamet spoke exclusively with HT about their roles, the show’s unique premise, and the horrors of dating as millennials. (Also read: Dune: Prophecy star Emily Watson on working with Tabu: ‘She is a true treasure’)

Stephanie Hsu on her character’s flawed morality

Laid, created by Nahnatchka Khan and Sally Bradford McKenna, is the story of Ruby (Stephanie Hsu), who discovers that all her sexual partners are dying one by one, and she must warn them. Helping her in this unique quest is her best friend AJ (Zosia). The fun thing about Laid is that the protagonists are not the usual likeable characters. “She is totally an anti-hero of our story. I really love that,” says Stephanie, referring to Ruby’s moral greyness. “I am not a perfect person and I love playing flawed characters. But it was difficult. The creators told me that she is a total narcissist. But narcissists don’t think they are one, so I had to figure out a way to love her. For me, playing Ruby was about getting into her psychology and finding the innocent part of her – which is that she just wants love,” the actor adds.

While sitcoms usually add the best friend as the voice of reason trope, Laid diverges from that, with AJ even zanier and more morally ambiguous than Ruby. Talking about playing such a colourful character, Zosia Mamet says, “When you play not-so-likable or zany characters, people don’t believe they are that way. I don’t think AJ wakes up every morning and thinks, ‘I am absolutely crazy’. It’s about trusting the writing and finding an organic way into these characters to make them seem grounded, real, and relatable.”

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Stephanie, Zosia reveal the worst gifts they received from partners

In Laid, Ruby gives the gift of death to the men she is with, even if that is inadvertent. Ask the women about the worst ‘gift’ a partner has ever given them, and the discussions veer into the unusual horrors of modern-day dating. “I got a vintage wooden duck decoy from someone. It was broken, and I thought, ‘What does this say about our relationship?’. They didn’t know me well enough to know if I’d want this but also that they gave me something old and ailing,” Zosia says with a laugh.

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