PTC India to hold board meeting on issues raised by independent directors

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PTC India has said that it will hold a board meeting on Saturday post the recent allegations raised by three independent directors on lapses in governance and operations at its financial lending unit — PTC India Financial Services.

Earlier this week, three of its subsidiary’s independent directors had resigned from their posts– Kamlesh Shivji Vikamsey, Thomas Mathew T., and Santosh B. Nayar — citing some corporate governance issues.

PTC India Financial Services is registered with the RBI as a non-banking financial company (NBFC).

“The management of PTC India Ltd is committed towards corporate governance of the highest standard in its functioning as well as of its subsidiaries. The interests of stakeholders are of prime concern and the company would like to assure total transparency and ethical best practices,” it said in a regulatory filing on Thursday post the resignation of the independent directors.

The issues raised by the three independent directors were related to the appointment of a wholetime director and on some operational issues pertaining to corporate governance, said Sushant Chaturvedi, who handles public policy, outreach and corporate communication at PTC India, during a virtual press conference on Friday.

An investigation into the matter would be conducted for which an internal committee has been formed, said Rajib K. Mishra, Director (Marketing and Business Development) and CMD (In-charge), PTC India.

The committee will submit its report within 30 days.

Post the news of the resignation of three independent directors, the shares of PTC India Financial Services declined around 18 per cent on Thursday. On Friday, it fell over 5 per cent and settled at Rs 19.8.

The shares of PTC India fell over 10 per cent over the past two sessions and settled at Rs 95 on Friday, down by over 5 per cent.

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