PTC India's independent director Rakesh Kacker resigns amid PFS saga

Rakesh Kacker, Independent Director, PTC India Ltd today resigned from board expressing anguish over serious governance issues at subsidiary PTC India Financial Services Ltd (PFS). Kacker was also independent director on board of PFS till December 31, 2021.

PTC India informed BSE about resignation by Kacker and also appended resignation letter along with communication.

“It is my unfortunate duty to inform you that I am resigning from the position of Independent Director in PTC India Limited (PTC) with immediate effect”, Kakcer said in letter addressed to chairman & managing director (CMD) and board members of PTC India.

He has seen from close quarters the unfortunate developments over the past few months in that company. Despite best efforts, the Independent Directors could not convince the management of PTC and PFS to take proper action to run the company.

As a result, the company is now facing serious Governance issues with several defaults of the Companies Act, 2013 and regulation of the Securities & Exchange Board of India. Due to this, the operations of the company also must have been affected, he added.

Referring to resignation by three independent directors of PFS, Kacker said they have shared copy of letters detailing

various lapses and governance failures in PFS. They have also requested me to share these letters with PTC India board members .