Appointment of Internal Auditor of the Company
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The Board of Regency Fincorp Ltd, at its meeting on 17th September 2025, approved the appointment of Mr. Abhimanyu (Membership No. A49176) as both Company Secretary and Compliance Officer and Internal Auditor of the company with immediate effect. Mr. Abhimanyu is a qualified Company Secretary with 7 years of experience in secretarial functions and an M.Com degree. The Board also approved alterations to the main objects clause of the Memorandum of Association to add new business activities around Prepaid Payment Instruments (PPIs), digital wallets, UPI/QR-based payments, and payment aggregation services. Additionally, the Board approved the adoption of new Memorandum and Articles of Association aligned with the Companies Act, 2013, and conversion of existing company loans into equity shares. All these items, along with a postal ballot process (e-voting from 20th September to 19th October 2025), are subject to member approval.
For shareholders, the key things to watch are the proposed loan-to-equity conversion (which may cause dilution), the entry into the digital payments business (a new strategic direction), and the same individual holding dual roles of Company Secretary and Internal Auditor — which is unusual and may raise governance questions. Member voting via postal ballot will determine the outcome of these changes.