Notice of Postal Ballot for seeking member''s approval for matters mentioned in enclosed Notice.
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Jagsonpal Services Ltd (formerly Jagsonpal Finance & Leasing Ltd) has issued a postal ballot notice dated April 7, 2025, seeking shareholder approval through remote e-voting (April 8 – May 7, 2025) for 6 key resolutions. The most significant proposal is shifting the registered office from New Delhi to Mumbai, Maharashtra, citing a recent change in management and where the new promoters and KMPs operate. The company is also seeking approval to enter into a Master Services Agreement with Elanistech Private Limited, a related party (CMD and CFO Mr. Karthik Srinivasan is a director and shareholder in Elanistech), for technology services to build a consumer lending app. Additionally, the board is seeking enhanced borrowing powers up to Rs. 250 Crores under Section 180(1)(c), authority to create charges on the company's undertaking under Section 180(1)(a), and powers to give loans, guarantees, or make investments up to Rs. 100 Crores under Section 186.
The shift of registered office to Mumbai signals a strategic relocation aligned with the new management, potentially improving operational efficiency. The Rs. 250 Crore borrowing limit and Rs. 100 Crore investment/loan authority represent a significant expansion of financial firepower, suggesting the company is preparing for business scaling, likely in lending. The related party technology deal with Elanistech indicates digital/fintech ambitions but warrants shareholder attention due to related-party nature; Mr. Srinivasan and his associates will not vote on that resolution.