PTC India Financial slumps 19% on resignation of 3 independent directors

Three independent directors of the NBFC have resigned from the board with immediate effect citing instances of alleged serious lapses in corporate governance and compliance.

Shares of PTC India Financial Services slumped 19 per cent to Rs 20.65 on the BSE in Thursday’s intra-day trade after three independent directors of the non-banking finance company (NBFC) resigned from the board with immediate effect citing instances of alleged serious lapses in corporate governance and compliance.

Shares of PTC India, a parent company of PTC India Financial Services, dipped 7 per cent to Rs 104.50 on the BSE.

At 09:52 am; PTC India Financial Services was down 13 per cent at Rs 22.35, as compared to 0.37 per cent decline in the S&P BSE Sensex. The trading volume at the counter nearly doubled with a combined around 16 million equity shares changing hands on the NSE and BSE.

 “We are in receipt of resignations from three independent directors mentioning some reasons. The matter will be addressed at the board level and subsequent update will be communicated to all the stakeholders appropriately,” PTC India Financial said in an exchange filing.

The company informed BSE on Wednesday after market hours that Kamlesh Shivji Vikamsey, Thomas Mathew T. and Santosh B. Nayar on account of reasons as mentioned by them in their resignation letters.

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. CLICK HERE FOR STATEMENT