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PTC India Financial inducts to its board 4 independent directors from parent PTC India

PTC India Financial Services' three independent directors resigned on January 19 citing lapses in governance and compliance. Since then, Sebi has barred them to hold a board meeting without independent directors

March 30, 2022 / 01:18 PM IST
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Non-banking financial institution PTC India Financial Services Ltd (PFS) has appointed four independent directors following suggestions from parent PTC India (PTC) as the positions lay vacant for more than two months, the company informed bourses on March 30. 

The appointment is crucial since the Securities and Exchange Board of India (SEBI) repeatedly denied permission to PFS to hold a board meeting without independent directors, after three of them resigned on January 19, citing lapses in governance and compliance. The regulator had told the company that it was not satisfied by the company’s report on actions taken on the allegations. 

“We would like to inform that in line with the communication received from PTC India Ltd on March 28, 2022 for the appointment of common independent directors on the board of PTC India Financial Services, the board through a resolution passed by circulation on March 29, 2022 has approved the appointment of Sushama Nath, Devendra Swaroop Saksena, Ramesh Narain Misra, and Jayant Purushottam Gokhale, as independent directors on the board of the company with immediate effect,” PFS  said in the statement. 

PFS has not been able to approve and report its financial results for the quarter and nine months ended December due to the ban on board meetings. Subsequently, the result of its parent PTC is also delayed.