Concerns Around Corporate Governance At PTC As Independent Directors Resign

All three independent directors on the board of PTC Financial services on Wednesday resigned over corporate governance issues. Kamlesh Shivji Vikamsey, Thomas Mathew T. and Santosh B. Nayar vide their resignation as Independent Director with immediate effect on account of reasons as mentioned in their resignation letters.

Further, the Company has received confirmations from the Independent Directors that there are no other material reasons for their resignation other than those which is provided in their resignation letters dated January 19, 2022. 

Read the highlights of the letters: 

• Issues in the appointment of Director (Finance and CFO) – it is alleged that despite the due process being followed, the Managing Director, created hurdles and ultimately thwarted the joining of Ratnesh as Wholetime Director through unilateral actions. 
• Issues regarding load to NSL Nagapatnam Power and Infotech – in this case, the directors have cited the non-sharing of the forensic audit report regarding this NPA and the thwarting of the process of auditing the matter and reporting to the RBI due to evasive and non-cooperative management. 
• Lack of action on various governance issues.
• Unilateral change in conditions of loans, without prior approval of the board.
• ‘Blatantly’ ignoring the communications of the independent directors.
• Skewed information was shared with the board.

The strongly-worded letters and annexures have been also copied by the directors to SEBI, RBI, Ministry of Corporate Affairs and the Registrar of Companies. We will be monitoring the developments in this matter and updating our reports as further information becomes available.