Outcome of Board Meeting of Regency Fincorp Limited held on 23rd May, 2025
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The Board appointed Ms. Shifaly Duggal (a qualified Company Secretary with ICSI membership A62298) as the new Company Secretary and Compliance Officer of the company. In a notable move, the same individual was also appointed as Internal Auditor and as an Authorized Person for determining materiality of disclosures. The Board decided to call the remaining 75% balance amount from warrant-holders (warrants were originally allotted on 28th December 2024) to convert those warrants into equity shares. Additionally, the Board approved the issuance of 50 Series-B secured, redeemable, non-convertible debentures (NCDs) with a face value of Rs. 10 lakh each, aggregating to Rs. 5 crore in total.
For shareholders: the warrant conversion will lead to equity dilution, while the Rs. 5 crore NCD issuance adds a modest amount of secured debt to the company's books. Combining the roles of Company Secretary and Internal Auditor in one person is unusual and could raise governance concerns, as internal auditors are generally expected to be independent of management and compliance functions.