Board approves voluntary surrender of RBI Certificate of Registration; seeks more time for AGM

Board approved discontinuing the NBFC business and voluntarily surrendering the RBI Certificate of Registration (CoR).

Tue 6 Oct 2026

Board outcome, October 06, 2026

The Board approved two matters at its meeting on October 06, 2026: discontinuing the Company's NBFC business and voluntarily surrendering the RBI Certificate of Registration (CoR), and making an application to the Registrar of Companies for more time to hold the Annual General Meeting for FY 2025-26.

Voluntary surrender of the RBI Certificate of Registration

• The Board approved the decision to discontinue the business/activity requiring registration as an NBFC and to voluntarily surrender the CoR granted by the Reserve Bank of India.
• The reasons recorded include a continuing negative Net Owned Fund (NOF)/negative net worth position, nil operational income during the recent reported quarters, NPA classification and provisioning, the funds required for restoration of the prescribed NOF, and the overall feasibility and viability of continuing the NBFC business.
• The prescribed application for voluntary surrender/cancellation of the CoR shall be submitted to RBI through the applicable process/PRAVAAH portal, along with the requisite supporting documents.
• The CoR shall continue to remain in force until the application is considered and the cancellation is formally communicated by RBI. The Company shall continue to comply with applicable regulatory and statutory requirements during the intervening period.
• The proposed surrender is not a delisting of the Company's equity shares.

What the annexure records

• Present status: Board approval obtained; the prescribed application for voluntary surrender/cancellation of the CoR is to be submitted to RBI.
• Expected date of cessation/closure: upon completion of the applicable regulatory process and formal cancellation of the CoR by RBI.
• Financial/business impact: the Company proposes to discontinue the business/activity requiring the NBFC CoR; the exact financial impact, if any, will be assessed and disclosed as required.
• Revenue/income contribution: nil operational income during the Second Quarter and subsequent quarters of FY 2026-27 and the First Quarter of FY 2027-28, as disclosed in the respective financial results.
• Net worth/NOF position: negative, as disclosed in the respective financial results shared with the Stock Exchange.
• Further action: submission of the prescribed application to RBI and completion of consequential regulatory/corporate actions, as applicable, upon cancellation.

Further extension of time for the Annual General Meeting

• The Board considered the status of arrangements for convening the AGM for the financial year ended March 31, 2026.
• The Registrar of Companies, Mumbai had earlier granted extension of time for holding the AGM, to one month and fifteen days.
• During the process of finalizing arrangements, the Company considered it necessary to allow additional time for completion and verification of certain statutory and procedural matters, including requirements relating to appointment/re-appointment of Statutory Auditors and completion/regularization of shareholder, Registrar and Share Transfer Agent and Depository service arrangements.
• The Board approved making an application to the Registrar of Companies, Mumbai under the Companies Act, 2013 seeking further extension of time for holding the AGM for FY 2025-26 up to December 31, 2026.
• The AGM will be convened within the extended period as may be approved by the competent authority.

Points to note

• The voluntary surrender is linked in the update to the Company's financial position, including a negative NOF/net worth position and nil operational income in the recent reported quarters.
• The CoR is not cancelled at this stage; it remains in force until RBI formally communicates cancellation.
• The equity shares continue to be listed, and the Company states the surrender is not a delisting.
• The AGM for FY 2025-26 is proposed to be held within a further extended period, subject to approval.

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