PTC India Fin trashes charges, says following best governance practices

Stock tanks 18.3% as independent directors resign

PTC India Financial Services Ltd today refuted charges leveled by some independent directors about lapses in governance amid sharp 18.32 per cent fall in value of its stock on bourse.

The company is adhering to best corporate governance practices under guidance of promoter, regulator and Government of India, it said in filing with BSE.

The stock of the Delhi-based finance company closed 18.32 per cent lower at Rs 20.95 per share on BSE.

Last night, three independent directors of the finance company -- Kamlesh Shivji Vikamsey, Thomas Mathew T. and Santosh B. Nayar -- resigned from the board citing instances of alleged serious lapses in corporate governance and compliance.

The finance company said it was in receipt of resignations from three independent directors mentioning some reasons. The matter will be addressed at the board level and subsequent updates will be communicated to stakeholders appropriately.

Thomas in his letter had expressed displeasure about the lack of appropriate information being made available to the board. He also cited various instances of alleged shortcoming which included the issue of appointment of Ratnesh as whole-time director. Ratnesh was appointed by the board as director (Finance) and chief financial officer but he returned to his NTPC.