IND-AGIV Commerce Limited experienced significant board-level changes following key personnel decisions made during its March 7, 2026 board meeting. The company informed BSE Limited about directorial resignations that will reshape its leadership structure, with specific details emerging about the circumstances behind one director's departure.

Resignation Letter Details

Sushila B Rupani, daughter of Late Bhagwandas C Rupani, formally submitted her resignation letter on February 27, 2026, citing specific personal circumstances. In her resignation communication to the Managing Director, she outlined clear reasons for her departure from the company's board.

Board Meeting Outcomes

The board meeting, which commenced at 2:30 PM and concluded at 5:45 PM on March 7, 2026, addressed three critical agenda items related to directorial changes:

Personal Circumstances Behind Departure

In her resignation letter, Sushila B Rupani expressed gratitude to the Chairman and Board of Directors for their support during her tenure. She specifically mentioned completing 75 years of age and indicated that health issues would prevent her from rendering further support to the company. The resignation was submitted with immediate effect, and she requested acknowledgment of receipt along with a copy of the e-form DIR 12 to be filed with the Registrar of Companies.

Regulatory Compliance and Next Steps

The company's announcement was made in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. To maintain board diversity and composition requirements, IND-AGIV Commerce Limited has committed to appointing a new lady director to replace Ms. Sushila Rupani within the specified regulatory time limit. Managing Director Lalit Lajpat Chouhan, with DIN 00081816, signed the official communication confirming the board's decisions and regulatory compliance commitment.

IND-AGIV Commerce Limited has announced its unaudited financial results for the third quarter ended December 31, 2025, following the board meeting held on February 14, 2026. The company reported a net loss of ₹42.99 lakhs against total income of ₹230.57 lakhs during the quarter.

Financial Performance Overview

The company's financial performance for Q3FY26 reflects operational challenges with total expenditure of ₹273.55 lakhs exceeding income. The earnings per share stood at negative ₹1.43 for the quarter.

Board Meeting Outcomes

The board meeting commenced at 3:30 PM and concluded at 6:30 PM on February 14, 2026. The unaudited financial results for the quarter ended December 31, 2025 were approved. However, the board did not consider the resignations of Mr. Ranjan Chona from Executive Director and Mr. Lalit Chouhan from Managing Director positions.

Share Capital Restructuring

The company successfully completed a preferential allotment of 20,56,965 equity shares, increasing the total share count from 10,00,000 to 30,56,965 shares. This restructuring significantly altered the shareholding pattern, with promoter group holding reducing from 72.21% to 28.69%.

Financial Challenges and Debt Position

The company faces significant financial challenges with outstanding dues to various NBFCs totaling ₹2,14,61,417. The major creditors include Redfort Capital Finance with dues of ₹2,01,95,289 and other working capital lenders. The company is currently under restructuring discussions with all NBFC lenders for settlement of dues.

Regulatory Compliance Issues

The company has defaulted on statutory dues amounting to ₹19,23,734, including PF dues of ₹1,13,995, ESIC dues of ₹29,277, and TDS obligations of ₹17,80,462. Additionally, the company's bank account with Axis Bank Bangalore Branch remains under lien with Income Tax Recovery, which the company is working to resolve.