PTC India comments on ongoing issues at NBFC subsidiary PFS; Stock sheds 2%

21 Jan 2022 , 10:30 AM

PTC India Limited (PTC), the leading provider of power trading solutions in India, has commented on the ongoing issues involving its NBFC subsidiary PTC India Financial Services (PFS).

Commenting on the same, Dr. Rajib K Mishra, Director (M&BD) & CMD In-charge, PTC India Ltd., said, "The Management of PTC India Ltd is committed towards corporate governance of highest standard in its functioning as well as of its subsidiaries. The interest of stakeholders are of prime concern and company would like to assure total transparency and ethical best practices.

The business practice & model of PTC & PFS have a proven operational track record with strong financials. We are closely monitoring the situation and observed that there are difference of opinion at operation & Board level of PFS on few issues.

These issues are being looked into by a senior level committee of the company. We have taken initiatives to address the governance issues.

We are committed towards streamlining all operational processes and adopting best available practices of an NBFC. Maintaining highest ethical standard, all possible steps are being taken to induct reputed professionals to the Board of PFS for sustained future growth of the organisation."

On Friday early morning trade, PTC India was trading at Rs98.60 per piece lower by 1.94% on the BSE.