EFC (I) Limited , a diversified company with interests in real estate, infrastructure, and other sectors, has announced significant corporate decisions following its 41st Annual General Meeting (AGM) held on September 30. The meeting, conducted via video conferencing, saw shareholders approve several key resolutions, including the re-appointment of Mr. Nikhil Dilipbhai Bhuta as Whole-time Director for an extended term.

Re-appointment of Nikhil Bhuta

Shareholders of EFC (I) Limited have approved the re-appointment of Mr. Nikhil Dilipbhai Bhuta as Whole-time Director for a five-year term, commencing from October 1 to September 30, 2030. The resolution also included fixing his remuneration for the initial three years of this term.

Mr. Bhuta, a qualified Chartered Accountant, brings over 26 years of entrepreneurial and leadership experience to the role. His expertise spans various industries, including real estate, infrastructure, hospitality, agritech, mining, and oil & gas. Throughout his career, Mr. Bhuta has held key positions such as CFO, Country Head, and CEO, successfully executing landmark projects both in India and overseas.

Financial Statements Adoption

The AGM also saw the adoption of the company's audited standalone and consolidated financial statements for the financial year ended March 31, along with the reports of the Board of Directors and Auditors.

Appointment of Secretarial Auditor

In another significant move, the shareholders approved the appointment of M/s. Sachapara & Associates, Practicing Company Secretaries, as the Secretarial Auditor of the Company. This appointment is for five consecutive financial years, from FY 2025-26 to FY 2029-30.

Voting Results

The company reported that all resolutions presented at the AGM were passed with the requisite majority. The e-voting results showed overwhelming support for the proposed resolutions:

Closure of Trading Window

In compliance with SEBI regulations, EFC (I) Limited has announced the closure of the trading window for its designated persons and their immediate relatives. The trading window will remain closed from October 1 until 48 hours after the announcement of the financial results for the quarter and half-year ending September 30.

The AGM and its outcomes reflect EFC (I) Limited's commitment to corporate governance and strategic leadership as it moves forward in its diverse business operations.

EFC Limited , a diversified company in the real estate ecosystem, is gearing up for substantial growth in its furniture division while also securing new contracts in other areas of its business.

Furniture Division Growth

Nikhil Bhuta, the Whole-Time Director of EFC Limited, recently outlined ambitious plans for the furniture segment, which currently accounts for 3-5% of the company's total revenue. The division operates from a state-of-the-art three-acre manufacturing facility, producing a wide range of products including woodwork, metalwork, and seating systems.

Current Performance and Projections

Bhuta expressed optimism about the furniture division's future, projecting its revenue contribution to grow from the current 3-5% to 10-20% within two years.

New Contract: Passport Seva Kendra

In a recent development, EFC (I) Limited, a subsidiary of EFC Limited, has been awarded a general work contract for a new Passport Seva Kendra (PSK) at Pashan, Pune. This contract is part of an ongoing Rate Contract for Passport Seva Kendras and includes complete interior turnkey fit-outs for the facility.

Key Points of the PSK Contract

• Location: Pashan, Pune
• Scope: Complete interior turnkey fit-outs
• Previous Experience: Successful execution of Ahmedabad and Hyderabad PSK projects

Managing Director Umesh Sahay expressed honor at receiving another PSK project under the Rate Contract, highlighting the company's expertise in design and build solutions for commercial and corporate environments.

Strategic Importance

The expansion of the furniture division and the securing of new contracts like the PSK project align with EFC Limited's strategy to strengthen its position in the real estate ecosystem. By growing these segments, the company aims to offer a more comprehensive suite of services and products to its clients.

As EFC Limited continues to develop its various business divisions, investors and industry observers will be watching closely to see how these growth strategies unfold and impact the company's overall performance in the coming years.