PTC India Financial Services: Directors Resign

New Delhi, Sep 29 (PTI) PTC India Financial Services (PFS) on Monday expressed surprise over the unexpected resignation of three independent directors ahead of the expiry of their three-year term.

Three independent directors, Seema Bahuguna, Naveen Bhushan Gupta and PV Bharathi, resigned as Independent Directors of the company in the last few days.

"The management is surprised by the unexpected resignation of the aforementioned independent directors and more so because of the reasons cited in their resignation letters. None of them had ever discussed such issues with the Board of Directors or the management prior to submitting their resignations," PFS said in a regulatory filing.

The sudden exit of these independent directors raises questions over corporate governance.


Seema Bahuguna, Naveen Bhushan Gupta and PV Bharathi were appointed as independent directors of the company effective November 15, 2022 for a term of three years, it said.

In all meetings of the Board of Directors, Audit Committee, Nomination and Remuneration Committee and other Board committees, the Independent Directors have participated openly and fairly, it said.

They had exercised complete freedom to express their views without any restriction whatsoever, which have been duly recorded, and at no point did any Independent Director complain of circumstances that prevented them from discharging their duties, it said.

The management confirms that the Company remains committed to upholding the highest standards of governance, transparency and ethical business practices, while continuing to meet stakeholder expectations, it added.