Shares of PTC India Financial services fell as much as 16.6% on Thursday, a day after the non-banking financial company said three independent directors had resigned, citing lapses in corporate governance.

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This comes after the financial services share surged nearly 12 per cent to fresh 52-week high of Rs 25.90 per share on the BSE on January.  

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At 9.55 am, shares of PTC Indian Financial Servies were trading lower by 13% or Rs 3.40 to Rs 22.25 apiece on the BSE.

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

In his resignation letter, Mathew said independent directors had flagged multiple times serious lapses in corporate governance and compliance.

I have placed on record many times - specially over the last few months my deep displeasure about the lack of appropriate information being made available to the board, Mathew wrote.

Some of the issues pointed out included the appointment of a whole-time director, non-disclosure of a forensic audit report regarding a loan account, and unilateral changes in loan conditions without board approvals.

PFS has been promoted by PTC India Ltd (PTC) as a company incorporated under the Companies Act 1956 and registered with RBI as a NBFC. It is a systemically important non-deposit taking NBFC classified as “Infrastructure Finance Company (IFC)” by RBI and is listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. PFS, being an IFC, is engaged in the business of making investments in, and providing financing solutions to companies with projects in the power sector and related areas across the entire energy value chain. The business model and commitment of PFS is to partner in infrastructure development and support the Power Sector by catering to the financial requirements of the sector.