The Board has considered allotment of 75% Balance amount from warrant holders pursuant to conversion of Warrants.
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Awaiting price reaction for this filing.
The board met on 23rd May 2025 and made several decisions. It appointed Ms. Shifaly Duggal as Company Secretary & Compliance Officer, and also as Internal Auditor of the company. The board decided to call the remaining 75% balance amount from warrant holders (warrants originally allotted on 28 December 2024) for conversion into equity shares. Additionally, it approved issuance of 50 Series-B unlisted, secured, redeemable non-convertible debentures of Rs. 10 lakh each, aggregating to Rs. 5 crore. Ms. Duggal was also named as an Authorized Person for determining materiality of events. Notably, the same individual has been appointed to three distinct roles — Company Secretary, Internal Auditor, and Authorized Person — which combines compliance and oversight functions in one person.
Calling the balance amount on warrants will lead to further equity dilution for existing shareholders once converted. The Rs. 5 crore NCD issue adds modest debt. Investors should note the governance concern of the same individual holding both the Company Secretary (compliance) and Internal Auditor (oversight) roles, which weakens the system of checks and balances.