"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 in a statement.

Further, 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 dated 19th January 2022.

The three independent directors cited many instances of serious lapses of governance and compliance. They flagged serious concerns on conduct on the management of the company led by managing director and CEO Pawan Singh. In their resignations, the independent directors have alleged that actions of Singh were in violation of his powers. The independent directors have pointed to a unilateral change in conditions of a Rs 150 crore highway loan by the company. They have also questioned lack of action on part of PTC India, which holds 65% in the NBFC.

PTC India Financial Services' consolidated net profit surged 64.7% to Rs 52.47 crore on 18.7% decline in net sales to Rs 242.33 crore in Q2 FY22 over Q2 FY21.

PTC India Financial Services is a non-banking finance company promoted by PTC India. It has been granted the status of an Infrastructure Finance Company ('IFC') by the Reserve Bank of India. The company offers an array of financial products to infrastructure companies in the entire energy value chain and other infrastructure industries. It also provides fee based services viz loan syndication and underwriting etc.