Mumbai: Stock PTC India Financial Services, a subsidiary of a loan trading company, fell more than 18% on Thursday after three independent directors stopped over the issue of corporate governance and concerns about MD’s behavior.
The company said in the submission of exchanges, “We denied allegations by the Director of Exit, which was caused by our compliance with the best corporate governance practices under the guidance of promoters, regulators and the Indian Government.
This issue will be handled at the board level and the update will be communicated to all stakeholders The exact interest.
“Independent Director is the former Lis MD Thomas Matthew T, Kamlesh Shivji Vikamsey and Santosh B Nargging.
One of the director came out, Mathew, said in his letter that MD did not allow Ratnesh to function as Director of Finance and CFO even though his appointment was carried out after the board process.
“Only on January 10, 2022, we were told by the company’s secretary that Ratnesh had rejoined NTPC on December 6, 2021.
There was no explanation given to why he rejoined NTPC and the situation that led to the NTPC,” said the letter.
Mathew also said that there was a problem regarding loans to NSL Nagapatnam Power & Infratech, which went to bankruptcy.
He said that management had resisted forensic reports in the company for more than two years.
Furthermore, the committee of the two members who looked into this non-disclosure was recommended that the loan account was reported to the RBI as a suspected fraud.
In addition to these problems, he has highlighted other transactions where board members have concern for company management performance.