PTC India Fin Services ind directors' charges aim to malign firm: PTC chief

PTC India, which holds 64.99% in PFS as promoter, has already formed an internal panel consisting of executive directors and chief financial officer to probe changes

The charges levelled against PTC India Financial Services (PFS) of alleged lapses in corporate governance by its former three independent directors was an attempt to malign the company, said Rajib K Mishra, CMD In-charge of PTC India Ltd.

PTC India, which holds 64.99 per cent stake in PFS as promoter, has already formed an internal panel consisting of executive directors and chief financial officer to probe changes. It was also open to engaging external agency to ensure impartial probe. It is engaged with regulators including Reserve Bank of India and would also submit report to RBI, he said.

Mishra, who is non-executive chairman of PFS, hit out at three directors -- Kamlesh Shivji Vikamsey, Thomas Mathew T and Santosh B Nayar. These directors were involved in taking decisions while in the board of PFS.

"It was their moral responsibility to have pointed out shortcomings there and then and help to improve compliance. Prima facie it looks like they raised the issues – corporate governance and operational issues – as afterthought while on the way out," said Mishra said in media briefing.

On January 19, 2022 directors of PFS had resigned from the board citing instances of alleged serious lapses in corporate governance and compliance.

Mishra said the business practice & model of PTC & PFS have a proven operational track record with strong financials. There are difference of opinion at operation & Board level of PFS on few issues.

These issues are being looked into by a senior level committee of the company. The company has taken initiatives to address the governance issues.

PTC shares closed six per cent down at Rs 94.45 per share and the stock of PTC India Financial Services was down five per cent at Rs 19.9 per share on BSE.

Meanwhile, the board of PFS meeting tomorrow. However, Mishra declined to elaborate on agenda for meeting.

Three new independent directors will be inducted on board of PTC India Financial Services to fill in vacancies due to resignation by three directors. It could also rope in experts on board at a later date.