The securities appellate tribunal (SAT) has substantially reduced the penalties to ₹3 lakh from ₹25 lakh imposed on Dr Pawan Singh, former managing director and chief executive officer (MD&CEO) of PTC India Financial Services Ltd (PFS), ruling that most corporate governance allegations levelled against him were not supported by evidence. The Tribunal also criticised the Securities and Exchange Board of India (SEBI) for holding Dr Singh solely accountable for all issues within the company. In a strong-worded order last week, the SAT bench of justice PS Dinesh Kumar (presiding officer), Meera Swarup (technical member), and Dr Dheeraj Bhatnagar (technical member) says, "...we hold that, except for one main issue and two sub-issues, other findings against Dr Singh (the appellant) have no

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