Management's Response To Clarification Sought By NSE In Respect Of Resignation Of The Independent Directors
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PTC India Financial Services has responded to NSE's queries about the recent resignation of three Independent Directors, who cited a difficult working environment. The Management expressed surprise at the resignations, stating that the IDs had previously praised the quality and timeliness of information flow at the June 2025 Independent Directors' meeting. Management claims no concerns were ever raised in any Board or committee meetings prior to the resignations. The company also outlined past governance issues: in January 2022, three IDs had resigned alleging governance violations, leading to a SEBI investigation that resulted in orders in June 2024 against the then Non-Executive Chairman and then MD&CEO. The Chairman's order was quashed by SAT in December 2024, while the MD&CEO's appeal is pending. Management stated that since 2022, the Board has been reconstituted, key positions including MD&CEO and CFO filled, and compliance strengthened.
This signals potential governance friction and raises concerns for shareholders, as the resignations of three Independent Directors in quick succession — echoing a similar episode in 2022 — could weigh on the stock and prompt further regulatory scrutiny. Investors should watch for any SEBI or stock exchange follow-up and monitor the pending SAT ruling on the former MD&CEO.