PTC India Financial Shares Dive 19% As Directors Quit Citing Corporate Governance Issues

New Delhi: Shares of PTC India Financial Services (PFS) crashed as a lot as 19.49 per cent on Thursday, a day after the non-banking monetary firm stated all three unbiased administrators had resigned over company governance points. The inventory plunged to a day low of Rs 20.65."We are in receipt of resignations from three independent directors mentioning some reasons. The matter will be addressed at the board level and subsequent update will be communicated to all the stakeholders appropriately," the corporate acknowledged in a notification to exchanges.PFS, promoted by PTC India Ltd (PTC), is registered with Reserve Bank of India (RBI) as a NBFC."Kamlesh Shivji Vikamsey, Thomas Mathew T and Santosh B Nayar have resigned as Independent Directors with immediate effect," PFS had knowledgeable the exchanges on Wednesday.This is probably the primary occasion the place all of the unbiased administrators of an organization have resigned collectively.The administrators have additionally despatched of their resignation letters to the RBI, Securities and Exchange Board of India (SEBI) and Ministry of Corporate Affairs.In the resignation letters, the administrators have alleged that sure actions of the Chairman of the Board and Managing Director of the corporate are "ultra-vires" and "in violation" of the provisions of the Companies Act, 2013.Pawan Singh is the Managing Director and Chief Executive Officer of the corporate. The two nominee administrators on the board of the corporate are Rajib Kumar Mishra and Pankaj Goel.The unbiased administrators have additionally referred to the problems relating to Rs 125 crore-bridge mortgage given to NSL Nagapatnam Power and Infratech Pvt Ltd, moreover alleging that "no action" has been taken on sure company governance points.Pointing out that unbiased administrators' communication had been "blatantly ignored, they said, "such non-cooperation on the a part of the administration and the corporate is unlucky and a deterrent to the spirit of the legislation and impedes the functioning of the unbiased administrators on the board of the listed firm".