ICRA places ratings of PFS under watch with negative implications

Three PFS directors - Kamlesh Shivji Vikamsey, Thomas Mathew T and Santosh B Nayar - resigned on January 19, 2022 alleging lapses in corporate governance

Rating agency ICRA has placed the rating of PTC India Financial Services Ltd (PFS) under watch with negative implications following the resignation of three independent directors of the company.

Such events (resignations) are likely to have a bearing on business operations and investor and lender confidence in the company in the short to medium term. These changes could also impact the ongoing asset quality related resolutions for the company, ICRA said in a statement. The debentures and long term bank facilities carry “A+” rating and short-term bank facilities and commercial paper carry “A1+”.

Three directors - Kamlesh Shivji Vikamsey, Thomas