PTC India Fin shares tank nearly 20% after sudden exit of 3 independent directors

At 11:00 am, PTC India was down 6.29% at 105.70 per share, while PTC India Financial Services was down 17.45%. 21.10 each.

To allay investors’ fears, the company said the matter will be “addressed at the board level and subsequent updates will be appropriately communicated to all stakeholders”.

The independent directors – Kamlesh Vikamsey, Thomas Mathew, and Santosh Nair – had resigned on Wednesday, saying the management had failed to act on “various instances of serious lapses in corporate governance” which they uncovered.

Further, the independent directors raised the issue of Ratnesh’s appointment as Finance Director and CFO. The directors alleged that the chairman and managing director had deferred his appointment even after Ratnesh was appointed through a “board run process”.

PTC India Financial Services is registered with RBI as a Non-Banking Financial Institution. Its business includes providing both equity and debt financing.

The independent directors had also expressed concern about the delay of two years in filing audit reports on the bridge loans of Nagapatnam Power and Infratech valued. 124 more 150 crores.

The directors said a committee of two independent directors had suggested that the Nagapatnam issue be reported to the RBI “as a suspected fraud”.