According to a disclosure made by People’s Merchant Finance PLC (PMB) on 14th July, the Monetary Board has directed the company on 4th June to remove Mr. G. Ramanan from the post of Director and the CEO of the company in terms of section 25(1)(h) of the Finance Business Act (FBA).
PMB is currently on the default board of the CSE due to non submission of financial statements for the quarter ended March 2015. As per the December 2014 statements, Mr Ramanan held a 9.6% stake in the company.
People’s Bank and PLC jointly acquired 6,461,543 shares of PMB (incidentally, similar amount held by Mr Ramanan) on 3rd July, increasing the stake to 48.8% and offered to buy the remaining shareholding for 22/- per share via a Mandatory offer.
