PTC India Financial shares fall 8% on India market regulator notice

Ptc India Financial Services

24/01/2022 06:02

BENGALURU, Jan 24 (Reuters) - Shares of PTC India Financial
Services Ltd  PTCN.NS  fell as much as 8.3% on Monday after
India's market regulator directed the non-banking financial
company over the weekend to address corporate governance issues
before holding any board meeting.
    The Securities and Exchange Board of India (SEBI) also asked
PTC India Financial to file an action-taken report in four
weeks, the company said.
    The firm was accused of lapses in corporate governance by
four independent directors, who resigned last week.  urn:newsml:reuters.com:*:nL4N2U0164
    The company's majority owner, PTC India Ltd  PTCI.NS , last
week said it would investigate the matter and formed an internal
committee, which would submit a report in 30 days.  urn:newsml:reuters.com:*:nL4N2U12NJ
    PTC India Financial's board meeting was scheduled for Jan.
22, but could not be held. The non-banking financial company
said it had filed an application with SEBI, seeking permission
for the board meeting for the appointment of independent
directors.
    PTC India invited bids in 2020 for selling its stake in PTC
India Financial, but was not able to get any suitors.
    PTC India Financial's shares are down nearly 30% since
hitting a multi-year high last week.

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by
Shounak Dasgupta)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))