SEBI refuses to approve meeting of beleaguered PFS board of directors

The Securities and Exchange Board of India (SEBI) has refused permission to crisis-ridden PTC India Financial Services Ltd (PFS) to hold a meeting of the board of directors without independent directors. The company gave this information.

Earlier in January, all three independent directors on the company’s board had resigned citing corporate governance issues and other matters.

“Sebi in its e-mail dated March 2 has not accepted the request of the company to hold a meeting of the Board of Directors without an independent director,” PFS said in a communication sent to the stock exchanges on Thursday.

This is the second time in a row that markets regulator SEBI has refused permission to PFS to hold its board of directors meeting.