IIFL Finance Limited has informed the Exchange regarding Proceedings of 30th Annual General Meeting held on July 18, 2025.
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IIFL Finance held its 30th AGM on July 18, 2025 via video conferencing, attended by 64 members, with the meeting running from 11:30 a.m. to 1:05 p.m. Chairperson Arun Kumar Purwar and MD Nirmal Jain both described FY25 as a 'challenging yet transformative year,' highlighting the company's response to regulatory and operational headwinds, enhanced governance, and recovery initiatives. A total of 14 resolutions were put to e-vote, including adoption of audited standalone and consolidated FY25 financial statements, approval of MD Nirmal Jain's FY25 remuneration, re-appointment of R Venkataraman as Joint Managing Director for 5 years, appointment of Bibhu Prasad Kanungo as a new Independent Director, issuance of non-convertible securities on a private placement basis, and material related party transactions with six group companies (IIFL Home Finance, IIFL Samasta Finance, IIFL Facilities Services, IIFL Management Services, IIFL Capital Services, and 5paisa Capital). The Joint Statutory Auditors' Report had no qualifications or adverse observations, and voting results were to be declared within 2 working days. Chairperson Arun Kumar Purwar retires by rotation, marking the end of his tenure at the meeting.
The AGM was largely procedural with no negative surprises, but the repeated references to 'regulatory challenges' and 'headwinds' signal IIFL Finance is still in recovery mode from the earlier RBI restrictions on its gold loan business. Approvals for NCD issuance and related party transactions will support ongoing funding and intra-group operations, while the rotation of the long-serving Chairperson marks a notable governance transition.