The Exchange has sought clarification from PTC India Financial Services Limited with respect to the resignation of the three Independent Directors viz. Smt. Seema Bahuguna, Shri Naveen Bhushan Gupta and Smt. PV Bharathi as per the attached letter. The response from the Company is awaited.
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The National Stock Exchange has asked PTC India Financial Services Limited to explain the simultaneous resignation of three Independent Directors — Seema Bahuguna, Naveen Bhushan Gupta, and PV Bharathi. In their resignation letters, the directors said they had earlier helped fix corporate governance and audit issues, recruited a new Managing Director, and filled long-pending vacancies. However, they stated that in recent months an environment was created that made it difficult for them to function independently, leaving them unable to uphold expected governance standards. NSE has sought detailed answers on the specific difficulties faced, whether concerns were flagged earlier, what governance issues were identified over the past three years, and what steps the company took. The company was asked to respond by end of day on September 30, 2025.
This is a significant red flag for shareholders — three independent directors quitting together with public references to a hostile governance environment can weigh on the stock, raise regulatory scrutiny, and dent investor confidence until the company provides a satisfactory explanation.