Corporate Governance
Board Matters

Independent directors of PFS raise a red flag over CEO appointment.

Independent directors of PFS raise a red flag over CEO appointment.

Seema Bahuguna, Naveen Bhushan Gupta and PV Bharathi, independent directors of PFS; picture collage by Sadhana Saxena.

Synopsis

Former IL&FS executive Sabyasachi Mukherjee, who was cleared for appointment as the managing director and CEO of PFS by the RBI, was not allowed to join by the company’s current leadership. Independent directors recently met RBI officials.

By
4 mins read,
In a bizarre reminder of events from two years ago, a candidate selected and cleared by the board of PTC India Financial Services (PFS) and approved by the Reserve Bank of India (RBI) for a top position has declined the offer after getting frustrated with mundane paperwork which dragged on for several weeks. The non-banking finance company (NBFC) has been under scrutiny over corporate governance issues since early 2022 after three independent

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