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PTC India Financial settles down over 18% after resignation of all 3 independent directors

Agencies | Updated on: Thursday, January 20, 2022, 07:40 PM IST

In the resignation letters, the independent directors have alleged that certain actions of the Chairman of the Board and Managing Director of the company are ''ultra-vires'' and ''in violation'' of the provisions of the Companies Act, 2013./ Representative image |
In the resignation letters, the independent directors have alleged that certain actions of the Chairman of the Board and Managing Director of the company are ''ultra-vires'' and ''in violation'' of the provisions of the Companies Act, 2013./ Representative image |
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Shares of PTC India Financial Services tanked over 18 per cent after all the three independent directors on the company’s board resigned over corporate governance issues and other matters.

The stock ended the day at Rs 20.95 apiece, down 18.32 per cent over previous close.

The shares fell to a low of Rs 20.65 apiece, lower by 19.49 per cent over its last close, during the trading session

Three independent directors of PTC India Financial Services (PFS) -- Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew T-- resigned from the board with immediate effect.

In the resignation letters, the directors have alleged that certain actions of the chairman of the board and managing director of the company are ''ultra-vires'' and ''in violation'' of the provisions of the Companies Act, 2013.

(With inputs from PTI)

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Published on: Thursday, January 20, 2022, 07:40 PM IST