Golden Legand Leasing & Finance Limited has announced significant corporate actions, including a substantial increase in its authorized share capital and the scheduling of its 41st Annual General Meeting (AGM).

Authorized Share Capital Doubled

The Board of Directors of Golden Legand Leasing & Finance Limited has approved a significant increase in the company's authorized share capital. The authorized share capital will be doubled from Rs. 50.00 crores to Rs. 100.00 crores. This move suggests that the company may be positioning itself for potential future growth or capital raising activities.

41st AGM Scheduled

The company has set the date for its 41st Annual General Meeting, which will be held on September 25, at 2:00 p.m. IST. In line with modern corporate practices, the AGM will be conducted via video conferencing, allowing shareholders to participate remotely.

Key Dates and Appointments

• Record Date: September 18 has been established as the record date for determining eligible voting members for the AGM.
• E-voting Scrutinizer: M/s. H. Maheshwari & Associates, a Practicing Company Secretary firm, has been appointed as the scrutinizer for the e-voting process.
• E-voting Service Provider: Central Depository Services Limited (CDSL) has been selected to provide the e-voting facility for the AGM.

Board Approvals

The Board of Directors has also approved several other important matters:

1. The Board's Report and its annexures for the financial year ended March 31.
2. Adoption of the Secretarial Audit Report for the year ended March 31, as required under Section 204(1) of the Companies Act, 2013.
3. The draft notice for the 41st AGM.

Meeting Details

The Board meeting where these decisions were made was held on August 28. The meeting commenced at 11:30 A.M. and concluded at 12:25 P.M.

Shareholders and interested parties can find more information about these developments on the company's website at https://gllfl.com/ .

These corporate actions, particularly the doubling of the authorized share capital, may indicate Golden Legand Leasing & Finance Limited's preparedness for future growth initiatives or capital restructuring. Shareholders will have the opportunity to discuss these developments and vote on resolutions at the upcoming AGM in September.

Golden Legand Leasing & Finance Limited (GLLFL) has reported a remarkable turnaround in its financial performance for the first quarter, alongside several significant board decisions that could shape the company's future.

Strong Financial Performance

GLLFL posted a robust profit of ₹491.37 crore for the quarter, marking a significant improvement from the loss of ₹159.90 crore reported in the previous quarter. This turnaround is particularly noteworthy given the company's performance in the same quarter of the previous year when it reported a profit of ₹57.50 crore.

The company's revenue from operations saw an exponential increase, surging to ₹3,595.12 crore from ₹154.27 crore in the previous quarter. This represents a staggering growth of over 2,230% quarter-on-quarter.

Key Financial Metrics

Board Decisions and Corporate Updates

The Board of Directors, in their recent meeting, made several key decisions:

1. Appointment of Secretarial Auditor: M/s. H. Maheshwari & Associates, Practising Company Secretaries, has been appointed as the Secretarial Auditor for a term of five consecutive financial years, subject to shareholder approval.

2. Relocation of Registered Office: The Board has approved shifting the registered office from Khar (West), Mumbai to Vashi, Navi Mumbai. This move is subject to shareholder approval at the upcoming Annual General Meeting (AGM).

3. Revision in Managing Director's Remuneration: The Board has approved a revision in the remuneration of Ms. Divya Singh Kushwaha, Chairperson and Managing Director, subject to shareholder approval at the AGM.

Auditor's Observations

While the financial results paint a positive picture, it's important to note that the statutory auditors have issued a qualified review report. The auditors highlighted concerns regarding:

• The income recognition process and ongoing reconciliation efforts
• Lack of a system for periodic confirmation of balances
• Non-compliance with accounting standards regarding prior period adjustments

These qualifications suggest that there may be some areas requiring attention in the company's financial reporting and internal control systems.

Looking Ahead

The dramatic improvement in GLLFL's financial performance, coupled with the strategic decisions made by the Board, indicates a potentially transformative period for the company. However, the qualifications in the auditor's report underscore the importance of addressing certain financial reporting and control issues to ensure sustainable growth and investor confidence.

As Golden Legand Leasing & Finance moves forward, the implementation of these board decisions and the resolution of the auditors' concerns will be crucial factors to watch in the coming quarters.