Appointment of Ms. Shifaly Duggal as Company Secretary and Compliance Officer of Regency Fincorp Limited w.ef. 23rd May, 2025
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The Board of Regency Fincorp Limited, at its meeting on 23rd May 2025, appointed Ms. Shifaly Duggal as Company Secretary and Compliance Officer. In a notable move, the same person was also appointed as Internal Auditor of the company and as an Authorized Person for determining materiality of disclosures. Separately, the Board decided to call the 75% balance amount from remaining warrant-holders (allotted on 28th December 2024) to convert those warrants into equity shares. The Board also approved the issuance and allotment of 50 Series-B Unlisted, Unrated, Secured, Redeemable Non-Convertible Debentures with a face value of Rs. 10 lakh each, aggregating to Rs. 5 crore.
Investors should note the unusual governance arrangement of combining the Company Secretary and Internal Auditor roles in one person, which is a potential conflict of interest as these functions are meant to provide independent checks on each other. The Rs. 5 crore NCD issuance will add to the company's debt, and the warrant conversion will lead to equity dilution for existing shareholders.