New Delhi Jan 21 PTI PTC India Chairman and Managing Director Rajib K Mishra on Friday said there will be a fair inquiry into alleged corporate governance issues at its subsidiary PFS where all independent directors resigned enmasse over the issues In an unusual development all three independent directors of PTC India Financial Services PFS which is a systemically-important Non-Banking Finance Company NBFC -- put in their papers on Wednesday Kamlesh Shivji Vikamsey Santosh B Nayar and Thomas Mathew T had resigned on the grounds of corporate governance issues at the company Against this backdrop Mishra who is part of the PFS board said the companys board will be meeting on January 22 Saturday while the board of PTC India will hold its meeting on January 27 Thursday Addressing a virtual press meet Mishra said that a senior level committee is looking into the issues raised by the independent directors and the committee would be submitting its report to the board of PTC India He assured a fair inquiry into the allegations If there is need then the company would rope in a third party to ensure independence and impartial inquiry he said Mishra also made it clear that the decision about a third party inquiry would be taken by the board of the PTC India after going through the senior level committees report The committee has been constituted by the board of PTC India About the three independent directors quitting the board of PFS Mishra raised doubts about their intentions saying that the resignation letters of two directors are almost the same He also pointed out that there were many factual errors in the resignation letters of the directors When asked about the agenda for the meeting of PFS board on Saturday Mishra did not divulge any details saying it was confidential He assured that independent directors will be appointed on PFS board at the earliest At present Mishra and Pankaj Goel are nominee directors on the board of PFS while Pawan Singh is Managing Director and CEO As per norms PFS should have three independent directors on its board On Thursday a day after the enmasse resignations of the independent directors PFS told the stock exchanges we are in receipt of resignations from three independent directors mentioning some reasons We refute the allegations by the outgoing directors which were due to our adherence to best corporate governance practices under guidance of promoter regulator and Government of India the company had said It had also said the matter will be addressed at the board level and subsequent update will be communicated to all the stakeholders appropriately On Thursday PTC India admitted that there are difference of opinion at operation board level of PFS on few issues In their resignation letters the three independent directors had alleged that certain actions of the chairman of the board and managing director of the company are ultra-vires and in violation of the provisions of the Companies Act 2013 The independent directors had also referred to issues regarding a Rs 125 crore bridge loan given to NSL Nagapatnam Power and Infratech Pvt Ltd besides alleging that no action has been taken on certain corporate governance matters Pointing out that independent directors communications were blatantly ignored they had said such non-cooperation on the part of the management and the company is unfortunate and a deterrent to the spirit of the law and impedes the functioning of the independent directors on the board of the listed company PFS promoted by PTC India is registered with the RBI and is a systemically-important non-deposit taking NBFC It has been classified as an Infrastructure Finance Company IFC by the RBI PTI KKS RAM