PTC India Financial Services (PFS) has found itself in an unexpected situation following the abrupt resignation of three independent directors. The company, a subsidiary of PTC India Limited, expressed surprise at the departures and has issued a clarification to address the matter.

Unexpected Resignations

The three independent directors who resigned are Smt. Seema Bahuguna, Shri Naveen Bhushan Gupta, and Smt. PV Bharathi. These directors were appointed on November 15, 2022, for a three-year term that was set to end on November 14, 2025. Their sudden exit, less than halfway through their tenure, has raised eyebrows in the financial community.

Company's Response

In a statement to the stock exchanges, PFS management expressed their astonishment at the resignations, particularly due to the reasons cited by the departing directors. The company emphasized that none of the directors had previously raised any concerns with the Board of Directors or the management before submitting their resignations.

Clarifications Provided

PFS has issued several clarifications in response to the situation:

1. The company asserts that all independent directors, including those who resigned, had participated openly and fairly in board meetings, audit committee meetings, and other board committees.
2. PFS maintains that the directors had complete freedom to express their views without any restrictions, and these views were duly recorded.
3. The management highlighted that statutory and regulatory committees of the board were chaired by independent directors, as required by regulations.
4. A recent meeting of independent directors on June 4, 2025, reportedly assessed the quality and timeliness of information flow between management and the board. At this meeting, no grievances or concerns of the nature mentioned in the resignation letters were discussed.

Commitment to Governance

Despite the unexpected turn of events, PFS has reaffirmed its commitment to upholding high standards of governance, transparency, and ethical business practices. The company stated its intention to continue meeting stakeholder expectations.

Looking Ahead

The sudden departure of three independent directors poses challenges for PFS in terms of corporate governance and regulatory compliance. The company will likely need to initiate the process of appointing new independent directors to fill these crucial roles on its board.

As this situation unfolds, stakeholders and market observers will be keenly watching how PFS addresses these governance concerns and maintains the stability of its board structure in the coming weeks.

PTC India Financial Services Limited (PFS), a subsidiary of PTC India Limited, has announced the appointment of Shri Avijit Kishore as Senior Management Personnel, effective September 9, 2025. The appointment was approved by the company's Board of Directors following recommendations from the Nomination and Remuneration Committee.

Extensive Experience in BFSI Sector

Avijit Kishore brings a wealth of experience to his new role at PFS, with over 19 years in the Banking, Financial Services, and Insurance (BFSI) sector. His expertise spans multiple asset classes, including:

• Microfinance
• SME lending (LAP, machinery loans, business loans)
• Supply chain finance
• Agri lending
• NBFC lending
• Pool buyouts
• Securitization

Previous Leadership Roles

Prior to joining PTC India Financial Services, Kishore held several senior leadership positions:

• At Mahindra Finance, he spearheaded NBFC Lending, SME Lending, Co-lending/Partnerships, and Marketplaces.
• He worked at Jana Small Finance Bank, where he contributed to designing and scaling lending strategies for underserved and high-growth segments.
• His experience also includes roles at Axis Bank and Bharat Financial Inclusion Limited.

Educational Background

Kishore's educational qualifications include:

• Post Graduate Diploma in Forestry Management with specializations in Microfinance, Rural Marketing & Livelihoods from Indian Institute of Forest Management, Bhopal
• Bachelor's degree in Economics Honours from Patna University

Appointment Details

The appointment of Avijit Kishore as Senior Management Personnel was formalized during a Board of Directors meeting held on September 9, 2025. The meeting commenced at 9:30 A.M. and concluded at 11:40 A.M. This strategic addition to the PFS leadership team is expected to bring valuable insights and expertise to the company's operations in the financial services sector.

PTC India Financial Services Limited continues to strengthen its management team to drive growth and innovation in the financial services industry.