Management's clarification in respect of the resignation of the Independent Directors
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PTC India Financial Services has issued a clarification regarding the resignation of three Independent Directors — Smt. Seema Bahuguna, Shri Naveen Bhushan Gupta, and Smt. PV Bharathi — who were appointed on 15 November 2022 for a three-year term ending 14 November 2025. The management states it was 'surprised' by the resignations and disputes the reasons cited in the directors' resignation letters, claiming none of the directors had raised such issues with the Board or management earlier. The company highlights that all statutory committees were chaired by Independent Directors, the directors had full freedom to express views, and in the Independent Directors' meeting on 4 June 2025, no grievances of this nature were raised. The management reaffirmed its commitment to high governance standards and thanked the outgoing directors for their service.
The sudden and simultaneous exit of three Independent Directors just weeks before their term was due to end is a notable governance red flag that may concern shareholders. While the management has pushed back on the cited reasons, investors should watch for any further disclosures or SEBI queries, as the episode could affect investor confidence and the stock in the short term.