Please find attached herewith AGM Notice and Annual Report of Annual General Meeting to be held on June 19, 2025
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Awaiting price reaction for this filing.
The Swastik Safe Deposit and Investments Limited has filed its 84th Annual Report along with the AGM Notice for FY 2024-25. The AGM is scheduled for Thursday, June 19, 2025 at 11:00 AM IST at Piramal Tower, Lower Parel, Mumbai, with the record date set as June 12, 2025. Key business items include adoption of audited financials, declaration of a final dividend of Re. 1 per equity share (10% on face value of Rs. 10), re-appointment of Mr. Sunil Adukia as director, appointment of M/s. V K Bhanushali & Co as Secretarial Auditor for 5 years, and appointment of Mr. Jaimin Desai as Independent Director for 5 years. Profit for the year fell sharply to Rs. 11.81 Lakhs from Rs. 121.75 Lakhs in the previous year, even as total income remained nearly flat at Rs. 94.62 Lakhs. Management disclosed that the company, being an RBI-registered NBFC, no longer meets the principal business criteria and has resolved to surrender its NBFC registration to the RBI. The company also reported having no permanent employees during the year.
Shareholders will vote on a modest 10% dividend, but sharply lower profits (a ~90% drop from FY24) and the company's decision to surrender its NBFC registration signal a significant strategic shift that may weigh on the stock. Board changes and a new Independent Director add governance movement but do not change the underlying weak earnings story.