Statement of deviation or variation for the half year ended on 31/03/2026
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Sattrix Information Security Ltd has filed a statement of deviation/variation for its IPO proceeds of ₹21.78 crore raised on June 10, 2024. As of March 31, 2026, ₹5.96 crore remains unutilized and is parked in fixed deposits (₹4.16 crore), debt mutual funds (₹1.75 crore), and bank balance (₹0.05 crore). The company has changed its approach for 'Development of New Product & Technology' from in-house development to outsourcing, which was approved by shareholders via postal ballot on February 18, 2025. The deviation occurred because identifying and acquiring necessary expertise for in-house development proved time-consuming. Auditors have confirmed no irregularity in fund utilization.
The unutilized funds are temporarily deployed in safe instruments while the company pivots to an outsourcing model for its technology development. This is a standard corporate action but may indicate slower-than-expected progress on growth plans. Shareholders previously approved the change, reducing governance concern.