By Sanjeev Sharma
New Delhi, Jan 20 (SocialNews.XYZ) The three independent directors of PTC India Financial Services who resigned on Wednesday have said in their letter that the current Managing Director and CEO of PFS, Pawan Singh did not allow Ratnesh to join the company as Director (Finance) and CFO although he was appointed by a board run process.
As per the letter, Ratnesh has already joined the company vide his joining report dated October 29, 2021.
"We are in receipt of resignations from three independent directors mentioning some reasons. The matter will be addressed at the board level and subsequent update will be communicated to all the stakeholders appropriately," PTC India Financial Services said.
Kamlesh Shivji Vikamsey, Independent Director, Thomas Mathew T., Independent Director and Santosh B. Nayar, have resigned as Independent Directors on the Board of PTC India Financial Services Limited with immediate effect.
The company has received confirmations from the Independent Directors that there are no other material reasons for their resignation other than those which is provided in their resignation letters.
They added in their letter that the Chairman and MD did not take any steps to enable the functioning of Ratnesh as Director (Finance) and CFO and subsequently seem to have taken a unilateral decision to put the appointment of Ratnesh as CFO on hold even without informing the Board of such a decision leave alone taking the consent of the Board on such an important issue.
In January, it was informed that Ratnesh had gone back to NTPC and no reason was assigned.
The independent directors said these actions of the Chairman of the Board and MD of the company are ultra-vires of their powers and in violation of the Companies Act 2013, which acquires approval of the Board for any modification of its decisions.
"The appointment of a whole time member of the board cannot be unilaterally tampered with. It is saddening that the Chairman and the MD have such blatant disregard for the board process, governance and compliance," the independent directors said. This has become a major corporate governance issue for the company.
(Sanjeev Sharma can be reached at Sanjeev.firstname.lastname@example.org)