Fusion Finance Limited has informed the Exchange regarding Cessation of Mr Devesh Sachdev as Non- Executive Director of the company w.e.f. November 04, 2025.
FUSION · price
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Fusion Finance informed the exchanges of multiple Board decisions taken on November 4, 2025. The key item: Mr. Devesh Sachdev, a Founder of the company, resigned as Non-Executive Director with immediate effect, and voluntarily waived his AOA right to nominate one Executive Director. The Board also approved Q2 FY26 results showing loss after tax shrinking to INR 22 crore from INR 92 crore in Q1, NIM improving to 10.85% (from 10.29%), and Gross NPA falling to 4.61% (from 5.43%). AUM stood at INR 7,038 crore, CRAR at 31.31%, and collection efficiency at 98.5%. Separately, the Board approved issuance of secured NCDs of INR 100 crore (10,000 debentures at 11% for 24 months) and a broader NCD plan of up to INR 1,000 crore via private placement, plus a record date of November 11, 2025 for the first and final call on partly paid-up equity shares (INR 65.50 per share). The auditor flagged material uncertainty on going concern due to breaches of financial covenants on borrowings of INR 2,076.78 crore, though extensions have been obtained on INR 1,330.86 crore of these.
The founder's exit is a significant governance event, though his voluntary waiver of board nomination rights and the Board's appreciation suggest an orderly transition. The improving operating metrics are positive, but the going concern flag from covenant breaches and the need to raise INR 1,100 crore via NCDs underscore ongoing liquidity pressure that shareholders should monitor closely.