Proceedings of the 31st Annual General Meeting of the Company held on 30th September, 2025.
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Prism Finance held its 31st AGM on 30th September 2025 via video conferencing, lasting just 15 minutes. Two ordinary resolutions were transacted: adoption of audited financial statements for FY 2024-25, and appointment of M/s. Nishant Pandya & Associates as Secretarial Auditor for five years (FY 2025-26 to 2029-30). All three directors present were independent directors — no Managing Director or executive director attended. The statutory auditors issued a qualified opinion flagging that the company holds Rs. 100 lakh in unquoted shares of another company whose net worth was negative as of March 2023, but Prism has not written down this investment, causing it to be overstated. The secretarial auditor also flagged the absence of a Managing Director (a Section 203 compliance issue) and the same investment concern. Management stated the investment matter is being evaluated and corrective action will be taken over coming quarters.
Shareholders should note the qualified audit opinion and secretarial auditor remarks as governance and asset-quality red flags — the Rs. 100 lakh investment may face future write-down, and the lack of a Managing Director is a continuing compliance lapse. Short-term stock impact is likely limited given the small size of resolutions, but the governance concerns warrant investor attention.