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Shares of PTC India and PTC India Financial Services continued to decline after past week's losses primarily due to the recent resignation by the latter's three independent directors citing alleged lapses in corporate governance and operations.

The allegations were raised by the independent directors against its financial lending unit -- PTC India Financial Services.

PTC India Financial Services, a subsidiary of PTC India, is registered with the RBI as a non-banking financial company (NBFC).

On Monday, PTC India settled 5.3 per cent down at Rs 89.40, whereas PTC India Financial Services fell 9.1 per cent to Rs 18.10.

Also, market regulator SEBI asking the company to first address the corporate governance issues before holding any Board meeting dented investors' sentiment further.

"It is informed that the Company has received a communication dated 22nd January, 2022 from the SEBI informing that the company is directed to address the CG (corporate governance) issues and all other issues raised by the resigning IDs and ex-Chairperson first, before holding any Board meeting and to file an action taken report in the regard to SEBI within 4 weeks," the company in its latest regulatory filing.

The company was supposed to hold a Board meeting on Saturday -- its first after the resignations of the three independent directors.

The company, however, has filed an application with the market regulator for seeking exemptions to schedule the Board meeting for the appointment of independent directors, the filing said.