PTC Financial Services’ independent directors have all resigned, citing governance concerns

PTC Financial Services NSE -18.52%, the NBFC arm of PTC India NSE -10.94% Ltd, resigned all of its independent directors on Wednesday, claiming corporate governance failures on many occasions by the company’s management.

The three independent directors – Kamlesh Shivji Viakmsey, Thomas Mathew T, and Santosh B Nayar – have expressed grave concerns about the behavior of PFS India’s management, led by managing director and CEO Pawan Singh.

The independent directors claimed that Singh’s actions violated his powers in their resignation letters. They have also questioned PTC India’s lack of action, which owns 65% of the NBFC and is anticipated to owe near to Rs 11,000 crore in debt.

Rajib Kumar Mishra, interim chairperson and managing director of PTC India, told ET that the company’s management is committed to the highest level of corporate governance.

Singh unilaterally chose to put on hold the firm board’s intention to appoint Ratnesh as PFS director finance and chief financial officer, according to the independent directors.

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