AGM approves 1% commission to a Non-Executive Director and Rs 50 crore RCPS private placement
Commission of 1% on net profits (Section 198) for FY 2026-27 to Dr Sundaraswamy Veluswamy, Non-Executive, Non-Independent Director, by Special Resolution.
By ScoutQuest · · 1 min read
- Director Commission
- 1% on net profits (Section 198) for FY 2026-27 to Dr Sundaraswamy Veluswamy, Non-Executive, Non-Independent Director
- RCPS Issue Size
- up to ₹ 50 crores
- RCPS Tenure
- not exceeding 20 years
- RCPS Coupon
- not exceeding 12 per cent per annum
- RCPS Type
- Redeemable, Cumulative, Preference Shares on private placement basis
What the AGM approved
At the 69th Annual General Meeting held on Saturday, 26 September 2026, shareholders passed two items disclosed to the exchange.
- Payment of commission of one (1) per cent on the net profits of the Company, computed in the manner referred to in Section 198 of the Companies Act 2013, for the financial year 2026-27 (1 April 2026 to 31 March 2027) to Dr Sundaraswamy Veluswamy, Non-Executive, Non-Independent Director. This was approved by a Special Resolution, following the Board's earlier approval intimated on 14 August 2026.
- Issue of Redeemable, Cumulative, Preference Shares (RCPS), unlisted, in one or more tranches, on a private placement basis for an amount not exceeding the Authorised Preference Share Capital of ₹ 50 crores.
Terms of the RCPS issue
- Size: not exceeding ₹ 50 Crores, to be issued on private placement basis to intending investors.
- Listing: not proposed to be listed.
- Tenure: not exceeding 20 years; allotment and maturity dates to be decided by the Board at the time of issue.
- Coupon: not exceeding 12 per cent per annum.
- Charge or security created over assets: not applicable.
- Special rights, interest or privileges attached: Nil.
- Redemption: from the Company's own funds or out of funds raised by a fresh issue of RCPS.
How to read it
For a finance company, preference share issuance is a way of raising long-dated funds. The approval sets an outer limit rather than a committed amount, and actual tranches, pricing within the cap and timing rest with the Board. The director commission is linked to profits computed under Section 198, so the amount payable varies with FY 2026-27 performance.
Also from Sakthi Finance
Shareholders at 69th AGM approve issue of Redeemable Cumulative Preference Shares up to ₹50 crore on private placement
26 Sep 2026
Members Declare 8% Equity Dividend of Rs. 0.80 Per Share at 69th AGM
26 Sep 2026
Shareholders Declare 8% Equity Dividend (Rs. 0.80 per Share) at 69th AGM
26 Sep 2026
More numbers
- Commission on net profits to Non-Executive Directorone (1) per cent
- RCPS issue size cap (Authorised Preference Share Capital)₹ 50 crores
- RCPS tenureNot exceeding 20 years
- RCPS couponNot exceeding 12 per cent per annum
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.