Notice of Postal Ballot of the Company
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Veefin Solutions Ltd (BSE SME, Scrip Code 543931) has issued a Postal Ballot Notice with e-voting from June 19, 2025 to July 18, 2025 (cut-off date June 13, 2025). Two Special Resolutions are being put to shareholders: (1) Authorising the Board to create charges, mortgages or pledges on the company's assets to secure borrowings up to Rs 200 Crores (Section 180(1)(a) of Companies Act, 2013). (2) Approving material related party transactions involving corporate guarantees of Rs 45 Crores for subsidiary Infini Systems Limited and Rs 20 Crores for step-down subsidiary Nityo Tech Private Limited, in connection with term loans from Piramal Finance Limited at 13.50% p.a. for a 5-year tenure. The RPT values represent 56% and 25% of Veefin's consolidated turnover respectively. Promoters Raja Debnath (21.77%) and Gautam Udani (4.55%), along with CFO Payal Maisheri, hold directorships in Infini Systems. Infini Systems reported a net loss of Rs 58.11 lakhs in FY25, while Nityo Tech reported a net profit of Rs 523.87 lakhs on turnover of Rs 5,428.11 lakhs.
Shareholders are being asked to approve a higher borrowing cap of Rs 200 Crores and to back the company's pledge of its own assets as guarantor for loans taken by its loss-making subsidiary Infini Systems (FY25 net loss) and profitable step-down subsidiary Nityo Tech. Approval means Veefin's balance sheet could be exposed to subsidiary loan defaults, though the transactions are stated to be at arm's length and for business expansion. Investors should review the RPT disclosures and subsidiary financials carefully before voting.