Home/ Companies / News/  PTC India board asks risk management committee to look into corporate governance issues at PFS

NEW DELHI : Power solutions provider PTC India on Friday said its board has directed its risk management committee to look into corporate governance issues at PTC India Financial Services (PFS), which was rocked by resignations of three independent directors earlier this month.

The three independent directors -- Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew -- had resigned enmasse from the board of PFS citing corporate governance issues. Subsequently, an independent director of PTC India, Rakesh Kacker, had also resigned.

In statement tweeted by PTC India, its CMD Rajib Kumar Mishra said, "Board in its meeting held yesterday (January 27, 2022) has directed Risk Management Committee led by three independent directors and one nominee of promoter to go into details on all the governance issues of PFS arising out of resignations of three independent directors of PFS and one independent director of PTC as also the RBI report of PFS."

Mishra also said the committee has been requested to submit its report to the board within 30 days.

The management of PTC India is committed towards corporate governance of the highest standard in its functioning as well as of its subsidiaries, Mishra added.

He also stated that stakeholders' interest is of prime concern and the company would like to assure total transparency and ethical best practices. 

This story has been published from a wire agency feed without modifications to the text.

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Updated: 28 Jan 2022, 07:13 PM IST
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