The former independent directors of the company had resigned alleging governance issues.
“The Agency for Specialized Monitoring (ASM) appointed by the lenders issued a satisfactory report dated June 30, 2022 (received on July 04, 2022) for the third quarter of FY 2022,” PFS said in a statement.
The appointed auditors inspected various parameters and stated that the company is maintaining the required level of transparency in the matter of furnishing the data/details to the lenders as prescribed at the time of sanction.
Cash flow was normal for the period under review and there was no diversion of funds in any way. The loan amount availed by the Company from Banks/Financial Institutions has been utilized for the purpose for which it was intended.
“We have found that there are no suspicious activity/transactions, misrepresentation/ suppression of facts and cases of fraud. The business operations of the company have been found satisfactory. The overall dealings of the company have been found satisfactory,” the auditors said. ‘ said the report.