PNB Housing Finance board followed all due processes: Finance Ministry

Remarks come a day before PNB board meeting

The board of PNB Housing Finance (PNB HFL) has followed all due processes while striking the fundraising deal with investors led by the Carlyle Group, and Punjab National Bank (PNB) would ensure the interests of its associate company are protected, said two finance ministry officials.

No controversy or wrongdoing has been found by the management of PNB Housing Finance in its fundraising plan, one of the two officials said. The government is looking at the issue and is awaiting Securities Appellate Tribunal (SAT) order due on July 5, he said.

The remarks from government officials come a day before PNB’s board meeting