Intimation regarding the Non-applicability of Regulation 24A of SEBI (LODR) Regulations, 2015 for the FY 2024-25.
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Awaiting price reaction for this filing.
Easy Fincorp Ltd has informed the BSE that Regulation 24A of SEBI's Listing Obligations and Disclosure Requirements (which mandates filing of an Annual Secretarial Compliance Report) does not apply to the company for FY 2024-25. This exemption is because the company's paid-up equity share capital (₹499.50 lakhs, i.e., about ₹5 crore) and net worth (₹159.80 lakhs, i.e., about ₹1.6 crore) as on March 31, 2024 are both well below the thresholds of ₹10 crore and ₹25 crore respectively. A Practicing Company Secretary has certified these figures from audited financials for FY 2021-22, FY 2022-23 and FY 2023-24. Notably, the company's 'Other Equity' is negative at ₹(339.70) lakhs, indicating accumulated losses, while net worth has gradually declined from ₹171.75 lakhs (FY22) to ₹159.80 lakhs (FY24).
This is a routine compliance filing and has no direct impact on share price. However, it confirms the company is very small by SEBI standards and is exempt from certain governance reporting. Investors should note the negative other equity (accumulated losses) and the slowly eroding net worth as points of caution about the company's financial health.