Appointment of Secretarial Auditor of the Company subject to the approval of Shareholders
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Awaiting price reaction for this filing.
The board, at its meeting on August 14, 2025, approved the appointment of Mr. Baladeva Chitranjan (FCS 6045) as Secretarial Auditor for five years, from the 32nd AGM until the 37th AGM, pending shareholder approval. The board also approved Q1 FY26 (June 30, 2025) unaudited financial results, where standalone revenue fell sharply to Rs 6.02 lakhs from Rs 15.91 lakhs a year ago, and the company reported a standalone net loss of Rs 11.16 lakhs (vs Rs 1.12 lakh loss in Q1 FY25). The statutory auditor flagged that the company's Net Owned Fund is below the RBI-mandated minimum of Rs 5 crore for NBFCs, which could have regulatory consequences for its NBFC status. The board also took note of a BSE warning letter regarding late submission of the FY24 Annual Report, where the fine was waived but a caution was issued.
The headline item (secretarial auditor appointment) is routine, but shareholders should note the auditor's serious concern about the company's NBFC status if NOF remains below the RBI threshold — this could materially affect the business. Continued revenue decline and widening losses in the lending segment add to the risk profile.