PTC India

PTC India received a notice from SEBI but no penalties were imposed on the company.

PTC India Financial Services issued a clarification following the resignation of three Independent Directors - Seema Bahuguna, Naveen Bhushan Gupta and PV Bharathi on September 30. The company expressed surprise at the resignations and the identical reasons cited, noting that no such grievances were raised during their June 4, 2025 meeting where directors had actually appreciated improved information flow. The company stated that Independent Directors participated openly in all board and committee meetings without raising concerns about functioning difficulties. PTC India Financial referenced past corporate governance issues from January 2022 when three Independent Directors resigned citing alleged violations, leading to SEBI investigations. SEBI passed orders against the then Non-Executive Chairman and MD & CEO in June 2024, though the Securities Appellate Tribunal quashed the order against the former Chairman in December 2024. The company emphasized that corrective steps have been taken including board reconstitution and strengthening compliance functions. Managing Director & CEO R Balaji stated the company remains committed to maintaining high governance standards.

Three independent directors - Seema Bahuguna, Naveen Bhushan Gupta, and PV Bharathi - resigned from PTC India Financial Services Ltd.'s board on September 28, citing corporate governance issues. The directors, who joined in November 2022, stated that recent developments at the company made their independent functioning difficult. In their resignation letters, they mentioned working over three years to address company issues by recruiting a new Managing Director, filling vacant board positions, addressing finance and audit matters, and establishing internal controls and policies. The directors noted these efforts helped improve company compliance and performance. However, they did not elaborate on specific factors that led to their resignations. PTC India Financial Services shares closed 3.2% lower at ₹35.33, with the stock declining over 7% in the past month and down 20% year-to-date.