PTC India Financial Services shares down 18% as independent directors quit

Shares of PTC India Financial Services declined around 18 per cent in early trade on Thursday as the company on Wednesday announced that three of its independent directors have resigned from their posts with immediate effect.

At 11.15 a.m., the shares traded at Rs 21.15, down 17.5 per cent.

Three independent directors were Kamlesh Shivji Vikamsey, Thomas Mathew T., and Santosh B. Nayar, respectively. They resigned over some corporate governance issues facing the company.

This is apparently the first instance where all the independent directors of a company have resigned together.

"We are in receipt of resignations from three independent directors mentioning some reasons. The matter will be addressed at the board level and subsequent updates will be communicated to all the stakeholders appropriately," the company said in a regulatory filing on Thursday.

The company is promoted by PTC India, which is registered with RBI as NBFC.

"As independent director, I have placed on record many times - specially over the past few months - my deep displeasure about the lack of appropriate information being made available to the Board," the regulatory filing in which Mathew's resignation was attached, read.

"Even when supplied, I have questioned the very poor quality of information being shared with the directors as also complete disregard to timelines in flow of information to the directors between the company management and the board is necessary for the independent directors to function effectively and reasonably perform our duties," Mathew's resignation letter further read.

(With inputs from IANS)