PFS vs impartial dirs: Panel to look into ‘governance issues’

A day after three impartial administrators on the board of PTC India Financial Services (PFS) resigned over company governance points and different issues, PTC India Ltd, the guardian agency of PFS, mentioned a senior degree committee of the corporate is trying into alleged governance points in PFS.
“We are closely monitoring the situation and observed that there are differences of opinion at operation and the board level of PFS on few issues. These issues are being looked into by a senior level committee of the company,” mentioned Rajib Okay Mishra, Director (M&BD) & CMD In-charge, PTC India.
PFS refuted the allegations and acknowledged that the matter can be addressed on the board degree. The three impartial administrators who resigned are Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew T, as per a submitting.

In the resignation letters, they’ve alleged that sure actions of the Chairman of the Board and Managing Director of the corporate are “ultra-vires” and “in violation” of the provisions of the Companies Act, 2013. The impartial administrators have additionally referred to the problems concerning Rs 125 crore-bridge mortgage given to NSL Nagapatnam Power and Infratech Pvt Ltd.
PFS shares crashed by 18.32 per cent to Rs 20.95 on Thursday.

DefinedThe again storyThe impartial administrators have alleged that sure actions of the Chairman of the Board and Managing Director of the corporate are “ultra-vires” and “in violation” of the provisions of the Companies Act, 2013.