The board considered and approved the appointment of Mr. Sachin Garg as Addional Director (Independent) and cessation of Mr. Sunil Jinal Due to disqalification u/s 167 of Company Act 2013.
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Regency Fincorp's board approved the issuance of 7,500 secured, rated, listed non-convertible debentures (NCDs) worth ₹75 crore via private placement, with the first tranche of ₹50 crore (₹25 crore base issue plus ₹25 crore green shoe option) set to list on BSE. The NCDs carry a 14% annual coupon payable monthly, a 12-month and 5-day tenure, and a 1.25x security cover. Infomerics Valuation and Rating was appointed as the credit rating agency and Catalyst Trusteeship as the debenture trustee. Two independent directors departed: Mr. Kamal Kumar resigned effective February 11, 2026, while Mr. Sunil Jindal was forced to cease as a director under Section 167(1)(b) of the Companies Act after missing all 21 board meetings over the past 12 months without seeking leave. To fill the gap, Mr. Sachin Garg, a banking and finance professional with 18 years of experience, was appointed as an Additional Independent Director.
The ₹75 crore NCD raise will boost the company's funding capacity but adds ₹75 crore of debt at 14% interest. The forced exit of a director who skipped 21 consecutive board meetings highlights governance weaknesses, though the prompt replacement with a credentialed professional suggests the board is acting to restore oversight. Shareholders should weigh the higher leverage against the governance cleanup.