Indianivesh Limited , a prominent financial services company, has made several significant announcements that are set to reshape its corporate structure and governance. The company's Board of Directors has approved a series of strategic decisions, including the sale of a wholly-owned subsidiary, changes in its audit leadership, and key board appointments.

Subsidiary Divestment

The Board has given the green light for the complete sale of Indianivesh Securities Limited, a wholly-owned subsidiary of the company. This decision, which is subject to shareholder approval, involves divesting 100% of the company's stake in the subsidiary. Indianivesh Securities Limited currently has a net worth of ₹155.51 lakhs, with no reported revenue in the last financial year.

Auditor Transition

In a significant change to its financial oversight, Indianivesh Limited announced the resignation of its statutory auditors, M/s. C A S & Co., Chartered Accountants. The firm cited pre-occupation with other professional commitments and lower-than-expected audit fee proposals as reasons for their departure. To fill this vacancy, the Board has appointed M/s. Ajay Sobha & Co. Chartered Accountants as the new statutory auditors, pending shareholder approval.

M/s. Ajay Shobha & Co., established in 1986, brings over three decades of experience in providing comprehensive professional services, including statutory audits, bank audits, taxation, and corporate consultancy.

Board Appointments and Reappointments

The company has also made key decisions regarding its board composition:

1. Re-appointment of Independent Director: Mr. Jagdish Pareek has been re-appointed as an Independent Director for a second five-year term, extending until September 21, 2030, or until the conclusion of the Annual General Meeting in 2030, whichever comes earlier. Mr. Pareek brings over three decades of experience in trading marble, granite, and other stones, along with a strong understanding of accounts and administration.

2. New Independent Director Recommendation: The Board has recommended the regularization of Ms. Jeny Vinod Kumar Gowadia as an Independent Director for a five-year term until May 27, 2030. Ms. Gowadia, a qualified Company Secretary, is expected to contribute her expertise in compliance and corporate law to enhance the company's governance practices.

These appointments are subject to shareholder approval at the upcoming Annual General Meeting.

Looking Ahead

These strategic moves by Indianivesh Limited signal a period of significant change for the company. The sale of its securities subsidiary could potentially streamline operations, while the new auditor appointment and board changes aim to strengthen corporate governance and bring fresh perspectives to the company's leadership.

Shareholders will be keenly watching these developments, particularly the impact of the subsidiary sale on the company's financial position and future strategy. The upcoming Annual General Meeting is expected to be a crucial event where these decisions will be put to vote, potentially charting a new course for Indianivesh Limited in the evolving financial services landscape.

IndiaNivesh Limited , a diversified financial services company, has released its unaudited financial results for the first quarter, revealing a mixed performance across its standalone and consolidated operations.

Standalone Performance

On a standalone basis, IndiaNivesh Limited reported a net profit of Rs 17.49 lakhs, a significant decrease from Rs 182.25 lakhs in the corresponding quarter of the previous year. The company's revenue from operations declined sharply to Rs 32.55 lakhs, compared to Rs 194.06 lakhs in the same period last year.

The company's total income, including other income, stood at Rs 32.63 lakhs for the quarter, down from Rs 194.06 lakhs in the same period last year.

Consolidated Results

The consolidated financial results paint a more challenging picture for the IndiaNivesh Group. The company reported a consolidated net loss of Rs 95.07 lakhs, contrasting with a profit of Rs 200.98 lakhs in the same quarter of the previous year.

The group's total income on a consolidated basis decreased to Rs 64.53 lakhs from Rs 240.10 lakhs year-over-year.

Segment Performance

The company's segment-wise performance showed declines across its main business activities:

• Investment & Trading Activities: Revenue dropped to Rs 0.02 lakhs from Rs 130.08 lakhs.
• Financing Activities: Revenue decreased to Rs 32.53 lakhs from Rs 63.98 lakhs year-over-year.

Operational Update

IndiaNivesh Shares and Securities Private Limited, a wholly-owned subsidiary, has restarted its trading terminals on the NSE Cash Segment. However, approval from the Bombay Stock Exchange remains pending.

Financial Position and Auditor's Observations

The auditors have raised concerns regarding unprovided interest on outstanding loans totaling Rs 132.35 crores. Additionally, they noted that impairment testing for goodwill worth Rs 20.36 crores in a subsidiary has not been conducted as required by accounting standards.

The company's management stated that they would inject funds as needed to meet various costs and losses, asserting that the company will be able to meet its future obligations.

Conclusion

IndiaNivesh Limited faces significant challenges as evidenced by its latest quarterly results. The substantial decline in revenues and profitability, coupled with auditor concerns, underscores the need for strategic measures to improve the company's financial health and operational performance in the coming quarters.