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PTC India dismisses allegations of governance lapses made by exiting independent directors

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The three independent directors – Kamlesh Shivji Viakmsey, Thomas Mathew T, and Santosh B Nayar – handed in their resignations, expressing grave concerns about the behaviour of PFS India's management, led by managing director and CEO Pawan Singh. 

PTC Financial Services in a statement refuted allegations made by three outgoing independent directors that they had flagged serious lapses in corporate governance and compliance of the company multiple times, a day after they handed in their resignations.
“We are in receipt of resignations from three independent directors mentioning some reasons. We refute the allegations by the outgoing directors, which were due to our adherence to best corporate governance practices under guidance of promoter, regulator and Government of India. The matter will be addressed at the board level and subsequent update will be communicated to all the stakeholders appropriately," the company said in the statement.
The three independent directors – Kamlesh Shivji Viakmsey, Thomas Mathew T, and Santosh B Nayar – handed in their resignations, expressing grave concerns about the behaviour of PFS India's management, led by managing director and CEO Pawan Singh.
In his resignation letter, Mathew said, "I have placed on record many times - especially over the last few months my deep displeasure about the lack of appropriate information being made available to the board."

Some of the issues pointed out included the appointment of a whole-time director, non-disclosure of a forensic audit report regarding a loan account, and unilateral changes in loan conditions without board approvals.

The company's shares nosedived 19 percent earlier in the day on the BSE--at 1 pm, shares of PTC India were trading at Rs 21.50, down 4.15 points, or 16.18 percent.