Three independent directors of PTC India Financial Services resign

Three independent directors of PTC India Financial Services Ltd have resigned from the board with immediate citing instances of alleged serious lapses in corporate governance and compliance.

The company informed BSE that Kamlesh Shivji Vikamsey, Thomas Mathew T. and Santosh B. Nayar on account of reasons as mentioned by them in their resignation letters. The company has appended resignation letters with the filing.

Thomas Mathew in a letter said as an independent director he had made best efforts to fulfill the responsibilities by voicing singly and together with other independent directors many instances of lapses in governance and compliance. He had expressed displeasure about the lack of appropriate information being made available to the board.

He cited various instances of alleged shortcoming included issue of appointment of Ratnesh as whole-time director. Ratnesh was appointed by the board as director (Finance) and chief financial officer.

On January 10, the company secretary informed that Rantesh has re-joined NTPC. No explanation was given as to why he re-joined NTPC and the circumstances that led to his returning to NTPC, Mathew said.

There was unilateral change in conditions of loans, without prior approvals of the board. The company extended a term loan of Rs 150 crore for four-laning of Darah-Jhalwar-Teendhar section of national Highway 52 under the hybrid model. The changes were made to repayment timelines, without prior approval of the board, he alleged.