Panth Infinity Limited has announced a significant change in its corporate strategy, withdrawing previously announced plans to increase its authorized share capital and raise funds through a preferential issue of equity shares. The decision, made during a board meeting, marks a shift in the company's financial outlook and capital structure plans.

Withdrawal of Capital Increase and Fund Raising Plans

The board of directors of Panth Infinity Limited has decided to cancel the plans that were initially approved in a previous meeting. These plans included:

1. An increase in the authorized share capital from ₹37.00 crores to ₹132.00 crores.
2. A preferential issue of up to 50 million equity shares, each with a face value of ₹10.00.
3. Raising funds through the conversion of unsecured loans into equity shares.

Reasons for Withdrawal

The primary reason cited for this withdrawal is the decision by a majority of the proposed allottees to pull back their investment commitments. This unexpected development has forced the company to reconsider its capital raising strategy.

Future Plans

Despite this setback, Panth Infinity Limited has indicated that it is not abandoning its fund-raising efforts entirely. The company has announced that a subsequent board meeting will be convened to consider alternative fund-raising proposals. The date for this meeting will be communicated in due course, as per regulatory requirements.

Change in Location of Books of Accounts

In addition to the fund-raising developments, the board has approved a change in the location where the company's books of accounts will be maintained. As per Section 128 of the Companies Act, 2013, the books will now be kept at:

107, Sudershan Office Complex, Nr. Mithakhali Under Bridge, Navrangpura, Ahmedabad - 380009, Gujarat, India

This move from the registered office to a new location in Navrangpura, Ahmedabad, may be aimed at improving operational efficiency or aligning with other strategic decisions of the company.

The developments at Panth Infinity Limited underscore the dynamic nature of corporate finance and the importance of adaptability in response to changing investor sentiments. As the company regroups to explore alternative funding strategies, stakeholders will be keenly watching for the next moves in its capital management plans.

Panth Infinity Limited , an Indian company, has announced significant expansion plans into the Middle East. The company's Board of Directors has approved a strategic move to either establish a wholly owned subsidiary or acquire an existing company in Dubai, United Arab Emirates, focusing on IT-related business operations.

Key Details of the Expansion Plan

The board meeting resulted in the following decisions:

• The new entity will be a wholly owned subsidiary of Panth Infinity Limited.
• Panth Infinity will maintain 100% shareholding and complete control over director appointments and voting rights in the proposed company.
• The share capital of the new entity is set at 1,00,000, with initial subscription through cash or banking channels.
• Satish Jashvantbhai Mejiyatar will serve as the nominee shareholder and manager in the proposed company, subject to regulatory approvals.

Recent Developments

In addition to the Dubai expansion plans, Panth Infinity Limited has recently made other significant moves:

B2B E-commerce Platform Launch

The company launched an online B2B e-commerce platform available at https://b2binfinity.com . This platform aims to facilitate seamless business-to-business transactions, offering features such as product catalogs, pricing visibility, bulk order management, secure payment options, and real-time order tracking.

Financial Results

The company confirmed that it had declared its financial results for the period ended June 30. However, specific details of these results were not provided in the available information.

Corporate Governance

Panth Infinity Limited has assured that it adheres to the code of conduct and provides relevant and timely information to investors through disclosures to the stock exchange, as required by Regulation 30 of the SEBI (LODR) Regulations, 2015.

Compliance Challenges

It's worth noting that the company has faced some compliance challenges in the recent past:

• There were delays in submitting financial results for Q1, Q2, and Q3 of the financial year 2023-24.
• The company experienced issues with the timely appointment of a qualified company secretary as a compliance officer.
• There were instances of non-compliance with requirements pertaining to the composition of the Board, including failure to appoint a woman director.

Panth Infinity Limited has stated that it is taking measures to address these compliance issues and ensure timely adherence to regulatory requirements in the future.

Looking Ahead

The expansion into Dubai marks a significant step for Panth Infinity Limited as it seeks to establish a stronger presence in the IT sector and tap into the Middle Eastern market. The launch of the B2B e-commerce platform also indicates the company's focus on digital transformation and expanding its market reach across industries.

As Panth Infinity Limited moves forward with these strategic initiatives, investors and stakeholders will be keenly watching how the company executes its plans and addresses its compliance challenges to drive growth and maintain regulatory adherence.