New Delhi, Jan 20 (PTI) Shares of PTC India Financial Services tanked over 18 per cent on Thursday after all the three independent directors on the company’s board resigned over corporate governance issues and other matters.

On BSE, shares ended the day at Rs 20.95 apiece, down 18.32 per cent over previous close. During the trading session, the shares fell to a low of Rs 20.65 apiece, down 19.49 per cent over its last close.

On NSE, it closed at Rs 20.95, a fall of 18.32 per cent after tumbling 19.10 per cent to Rs 20.75 during the session.

On Wednesday, 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, they 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.

Pawan Singh is the Managing Director and Chief Executive Officer of the company. The two nominee directors on the board of the company are Rajib Kumar Mishra and Pankaj Goel.

PFS, promoted by PTC India Ltd (PTC), is registered with the RBI as a non-banking financial company (NBFC). The systemically important non-deposit taking NBFC has been classified as an ‘Infrastructure Finance Company (IFC)’ by the RBI. PTI DRR DRR RUJ RUJ

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