Veefin Solutions Limited concluded its 6th Annual General Meeting on September 29, 2026, held entirely via video conference and other audio-visual means. A total of 43 members attended the virtual session, which commenced at 5:30 pm and concluded at 5:50 pm.

The meeting was conducted in compliance with Ministry of Corporate Affairs and SEBI circulars permitting virtual assemblies. The deemed venue was the company's registered office in Mumbai. Due to the virtual format, the facility for appointing proxies was not provided, and no proxies were present. The quorum remained present throughout the proceedings.

Board attendance and management

Ten directors participated in the meeting from various global locations, reflecting the company's international footprint. Key attendees included Raja Debnath (Chairperson and Managing Director) joining from the USA, and Gautam Udani (Whole Time Director and COO) from Mumbai. Other non-executive and independent directors joined from locations including the UAE, Dubai, Kolkata, and Mumbai.

Management representatives included Payal Maisheri, Chief Financial Officer, who briefed members on the previous year's performance, and Urja Thakkar, Company Secretary and Compliance Officer, who managed the procedural aspects of the virtual meeting. M/s ADV & Associates served as statutory auditors, while M/s Maharshi Ganatra & Associates acted as scrutinizers.

Key resolutions transacted

Shareholders considered and adopted the audited standalone and consolidated financial statements for FY26. The meeting also addressed several governance and operational matters, including the re-appointment of Ajay Rajendran as director by rotation.

A significant portion of the agenda focused on financial authorizations and related party transactions:

• Approval of increase in borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
• Authorization for loans, guarantees, or securities for subsidiaries under Sections 185 and 186.
• Increase in aggregate employee stock options under the 'Veefin - Employee Stock Option Plan 2023'.

Material related party transactions

The AGM sought approval for numerous material related party transactions involving the parent company and its subsidiaries, including Estorifi Solutions Limited, Infini Systems Limited, Veefin Capital Private Limited, FE Ventures Private Limited, White Rivers Media Solutions Private Limited, Nityo Tech Private Limited, and GlobeTF Solutions Limited.

Specific approvals included transactions between the company and its Managing Director Raja Debnath, Whole Time Director Gautam Udani, and various subsidiary entities. Additionally, shareholders approved the sale or transfer of shares of White Rivers Media Solutions Private Limited held by Nityo Tech Private Limited to Infini Systems Limited.

Voting and conclusion

Since the meeting was held virtually, physical voting was not available. Members who had not voted through remote e-voting were enabled to vote electronically during the meeting, with the facility closing 30 minutes after the conclusion. Voting results will be declared separately on the company website and stock exchange platforms.

Veefin Solutions Limited promoter Raja Debnath created a pledge on 25,69,171 shares, representing 9.64% of the company's total share capital, to Axis Trustee Services Limited. The transaction, dated September 18, 2026, serves as collateral for debt availed by the company's step-down subsidiary, Nityo Tech Private Limited.

The disclosure was filed with the BSE SME Platform under Regulation 31(1) and 31(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The pledgee, Axis Trustee Services Limited, is a SEBI-registered debenture trustee and a wholly owned subsidiary of Axis Bank Limited. The encumbrance relates to unrated, unlisted, secured, redeemable Non-Convertible Debentures (NCDs) issued by Nityo Tech Private Limited.

Encumbrance Details

The following table outlines the specific details of the pledge creation:

Post-Event Shareholding Status

Following this transaction, Raja Debnath's total encumbered holding has increased significantly. Prior to this event, his already encumbered shares stood at 45,38,940 (17.03%). The new pledge brings the total number of his shares under encumbrance to 71,08,111, which constitutes 26.67% of the total share capital.

The total promoter shareholding in Veefin Solutions stands at 88,69,525 shares, or 34.73% of the total share capital. With this new pledge, the aggregate encumbered shares held by promoters (Raja Debnath and Gautam Udani) account for 95.26% of the total promoter shareholding.

Security Cover and Debt Structure

The security cover ratio for this specific tranche is 1.61:1. This is calculated based on the value of the pledged shares against the amount involved in the current transaction.

The value of the shares was derived by multiplying the number of pledged shares by the share price of ₹282.86 on the date of the event. The borrowed amount is intended for working capital purposes, general corporate purposes, capex, debt refinancing of the borrower, or buyout of business from Infini Systems Limited by Nityo Tech Private Limited.

What the Numbers Show

The data reveals a high concentration of promoter risk. While Raja Debnath holds 29.30% of the company directly, 80.14% of his personal shareholding is now encumbered. When combined with co-promoter Gautam Udani’s encumbered stake, nearly 95% of the entire promoter block is pledged. This leaves minimal unencumbered equity buffer for the promoters should market volatility trigger margin calls or if the underlying debt instruments face stress.