The board considered and approved the cessation of Mr. Sunil Jindal due to disqualification U/s 167 of Company Act 2013.
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Regency Fincorp's board held a meeting on 17th February 2026 with multiple decisions. The company will issue 7,500 secured, rated, listed, non-convertible debentures (NCDs) on private placement basis, aggregating to Rs. 75 crore, with the first tranche of Rs. 50 crore (Rs. 25 crore base issue plus Rs. 25 crore green shoe option) carrying a 14% annual coupon paid monthly over a 12-month-and-5-day tenure. Infomerics Valuation and Rating was appointed as credit rating agency and Catalyst Trusteeship as debenture trustee. On the board front, independent director Mr. Kamal Kumar resigned effective 11th February 2026, while Mr. Sunil Jindal was removed (cessation) after being disqualified under Section 167(1)(b) of the Companies Act for not attending any of the 21 board meetings in the past 12 months. To fill the vacancy, Mr. Sachin Garg, a banking and financial services professional with 18+ years of experience, was appointed as a new non-executive independent director.
The 14% coupon on the NCDs signals a high cost of borrowing for the company, which could pressure profitability but provides Rs. 75 crore in fresh capital. The disqualification of a director for repeated non-attendance highlights governance lapses, though the prompt appointment of a qualified independent director helps maintain board composition.