Minolta Finance Limited issued a corrigendum on September 19, 2026, to the notice of its 34th Annual General Meeting (AGM) scheduled for September 30, 2026. The update adds a special resolution to approve the change in designation of Mrs. Kunjal Gala from Non-Executive Director to Executive Director.

The company informed the BSE and Calcutta Stock Exchange that the original AGM notice, dated September 8, 2026, inadvertently omitted this agenda item. The corrigendum states that the original notice must be read collectively with this amendment. All other items in the AGM notice remain unchanged.

Key Details of the Resolution

The Board of Directors proposed the re-designation based on the recommendation of the Nomination and Remuneration Committee. The resolution seeks shareholder approval to appoint Mrs. Kunjal Gala as Executive Director for a period of 5 years, commencing from September 30, 2026, till September 29, 2031. She will be liable to retire by rotation.

Mrs. Gala, aged 45, holds a Bachelor of Commerce degree from Mumbai University. She has over 21 years of experience in stock broking, financial services, and capital markets. Currently, she serves as a Non-Executive Director of Minolta Finance Limited. The change in designation aims to enable her to take a more active role in the day-to-day management and executive functions of the company.

Profile and Disclosures

Mrs. Kunjal Arvind Gala is the wife of Mr. Arvind Gala, the Non-Executive Non-Independent Director of the company. She holds a shareholding of 0.041438% in Minolta Finance Limited.

Her other directorships include:

• Director at Anupam Stock Broking Private Limited
• Director at Dhairya Management Services Private Limited
• Designated Partner at Dhairya Corporate Advisory Services LLP

She is also an Insurance Agent with Tata AIA Life Insurance and an Authorized Person of Venture Growth & Securities Limited.

AGM Logistics

The 34th AGM will be conducted via Video Conferencing or Other Audio Visual Means (VC/OAVM) in compliance with the Companies Act, 2013 and SEBI regulations. The Register of Members and Share Transfer Books will remain closed from September 24, 2026, to September 30, 2026. Shareholders holding shares as of September 23, 2026, are eligible to vote.

The notification cites MCA Circulars Nos. 14/2020, 17/2020, 20/2020, 02/2021, 02/2022, and 09/2023, along with SEBI Circulars dated May 12, 2020, January 15, 2021, May 13, 2022, and October 7, 2023.

Minolta Finance Limited posted a net loss of ₹142.81 lakh for the financial year ended March 31, 2026, reversing a modest profit of ₹1.22 lakh recorded in the previous year.

The Kolkata-based non-banking financial company (NBFC) submitted its revised annual report to stock exchanges on September 12, 2026, to rectify typographical errors in the initial filing. The revisions did not alter any financial results or substantive disclosures.

Financial Performance

Revenue from operations surged to ₹1,195.84 lakh from ₹101.88 lakh in FY25, reflecting a significant scale-up in core lending activities. Total revenue for the year stood at ₹1,196.92 lakh.

However, the aggressive growth strategy came with elevated costs. Finance costs rose sharply to ₹981.47 lakh from ₹12.71 lakh, while impairment provisions increased to ₹342.38 lakh against ₹12.94 lakh previously. Consequently, the company reported a loss before tax of ₹205.04 lakh.

Balance Sheet and Operations

The net loan book expanded significantly to ₹18,521.86 lakh as of March 31, 2026, compared to ₹5,804.50 lakh a year earlier. This asset growth was funded primarily through borrowings, which rose to ₹17,792.69 lakh from ₹4,752.51 lakh.

What the Numbers Show

The company’s funding structure reveals high leverage relative to its equity base. With total borrowings of ₹17,792.69 lakh against an equity base of just ₹931.05 lakh, the leverage ratio stands at approximately 19.1x. This indicates that nearly all lending activity is funded through debt rather than internal capital, amplifying sensitivity to interest rate movements and credit quality.

Governance and Corporate Actions

The annual report highlighted several key corporate developments:

• Name Change Proposal: Shareholders will vote on changing the company name from Minolta Finance Limited to "Wagad Finance Limited" at the upcoming AGM.
• Registered Office Shift: The registered office is proposed to move from West Bengal to Maharashtra for administrative convenience.
• Leadership Appointment: Ms. Forum Gada is proposed for appointment as Managing Director for a five-year term.

Auditor Qualifications

Statutory auditors JCR & Co. LLP issued a qualified opinion on the standalone financial statements. Key concerns included:

• Failure to accrue interest expense on loan accounts totaling ₹3.38 crore due to missing documents.
• Understatement of finance costs by approximately ₹2.43 crore for one specific borrower.
• Lack of ownership documentation for investments valued at ₹62.96 lakh.

The management attributed these issues to administrative delays and ongoing negotiations with borrowers.