On December 20th, 2024, the Board of Directors of Richfield Financial Services Ltd (RFSL) met to approve several important resolutions. The meeting, which took place virtually, reviewed crucial matters related to the company’s governance, leadership changes, and upcoming proposals for shareholder approval.

Resignation of Ms. Priyanka Kalra as Company Secretary

The Board accepted the resignation of Ms. Priyanka Kalra from the post of Company Secretary, effective from December 5th, 2024. In a formal resolution, the Board appreciated the contributions made by Ms. Kalra during her tenure with the company. Her resignation was officially acknowledged and the company expressed gratitude for her guidance and assistance in her role.

This transition aligns with the company’s ongoing efforts to ensure proper corporate governance and management.

Appointment of Mr. Nandu Chandra Mohan as New Company Secretary

In a subsequent move, the Board approved the appointment of Mr. Nandu Chandra Mohan as the new Company Secretary of RFSL, effective from December 5th, 2024. Mr. Mohan, a member of the Institute of Company Secretaries of India, has a solid background in corporate governance and regulatory compliance. His appointment fills the gap left by Ms. Kalra’s resignation and supports the company's continued adherence to regulatory standards under the Companies Act, 2013.

The company further authorized Mr. Vadasseril Chacko Georgekutty, Managing Director, to file the necessary forms with the Registrar of Companies and carry out any required formalities to implement the appointment.

Proposal for Bonus Equity Shares Issuance

In addition to leadership changes, RFSL’s Board has approved the proposal to recommend the issuance of Bonus Equity Shares to the company's shareholders. This proposal will be subject to approval at the upcoming Extraordinary General Meeting (EGM). The company is awaiting in-principle approval from BSE for this move, which reflects the company’s efforts to enhance shareholder value.

Private Placement of NCDs

RFSL's Board also authorized Mr. Vadasseril Chacko Georgekutty to present a list of potential investors for the private placement of Non-Convertible Debentures (NCDs). This move aims to raise capital for further business expansion and to strengthen the company’s financial position.

The decision to offer NCDs marks another step towards enhancing financial flexibility and providing investors with additional options for engagement with the company.

Looking Ahead: Strong Governance and Shareholder Engagement

These decisions mark a significant step in the company’s commitment to robust corporate governance and creating greater value for shareholders. RFSL continues to focus on expanding its operations and maintaining high standards of transparency and accountability in all its dealings.

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