PTC India Financial shares fall 17% after directors resign over corporate governance issues

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Shares of PTC India Financial Services fell 16.6% on Thursday, a day after the non-banking financial company announced the resignation of three independent directors, citing corporate governance lapses.

It comes after the share of financial services jumped almost 12% to hit a new 52-week high of 25.90 rupees per share on BSE in January.

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As of 09:55, shares of PTC Indian Financial Servies were trading down 13% or Rs 3.40 to Rs 22.25 each on BSE.

The company said late Wednesday it received resignation letters dated Jan. 19 from independent directors Kamlesh Shivji Vikamsey, Thomas Mathew and Santosh Nayar.

In his resignation letter, Mathew said the independent directors had repeatedly flagged serious corporate governance and compliance lapses.

I have repeatedly recorded – particularly in recent months – my deep displeasure with the lack of proper information made available to council, Mathew wrote.

Some of the issues reported included the appointment of a full-time manager, non-disclosure of a forensic audit report regarding a loan account, and unilateral changes to loan terms without board approval. administration.

PFS was promoted by PTC India Ltd (PTC) as a company incorporated under the Companies Act 1956 and registered with RBI as NBFC. It is a systemically important NBFC that does not take deposits, classified as an “Infrastructure Finance Company (IFC)” by RBI and is listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. PFS, as an IFC, is engaged in the business of investing and providing financing solutions to companies with projects in the energy sector and related fields across the energy value chain. ‘energy. The business model and commitment of PFS is to partner in infrastructure development and support the power sector by meeting the financial needs of the sector.

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