pfs: Lenders appointed auditors give clean chit to PFS


(PFS) on Monday said it has received a clean report from the lender’s appointed auditors.

The company’s former independent directors had resigned alleging governance issues.

“The Agency for Specialized Monitoring (ASM) appointed by lender/s issued a satisfactory report dated June 30, 2022 (received on July 04, 2022) for Q3FY2022,” PFS said in a statement.

The appointed auditors did inspections on various parameters and reported that the company is maintaining the required level of transparency in terms of submission of data/statements to the lenders as stipulated at the time of sanction.

The cash flows for the review period were normal and there was no diversion of funds whatsoever. The loan funds availed by the company from banks/FIs have been utilised for the purpose for which it was intended.

“We observed that there are no suspicious activity/transactions, cases of misrepresentation/ suppression of facts, and fraudulent practices. The business operations of the company are found to be satisfactory. Overall dealings of the company are found to be satisfactory,” the auditors’ report said.


Source link