Interactive Financial Services Limited (IFSL) has announced two significant proposals requiring shareholder approval through a postal ballot. The company is seeking to reallocate funds from its recent rights issue and appoint a new secretarial auditor for the next five years.

Fund Reallocation from Rights Issue

IFSL is proposing to reallocate ₹304.50 lakhs originally earmarked for office space acquisition under its rights issue. The company had initially planned to purchase two office units in the "3RD EYE VISION" project for a total consideration of ₹304.52 lakhs, which included property cost and stamp duty.

However, due to unforeseen infrastructure changes in the surrounding area and a strategic reassessment, the Board of Directors has decided to cancel the property transaction. Instead, the company now aims to utilize these funds to strengthen its net worth.

As of March 31, IFSL's net worth stood at ₹2,769.65 lakhs. The proposed reallocation aligns with the company's goal to meet the increased minimum net worth requirement for Category-I Merchant Bankers, which is set to rise to ₹5,000.00 lakhs within two years, as per the recent SEBI consultation paper.

Appointment of Secretarial Auditor

In a separate resolution, IFSL is seeking shareholder approval to appoint M/s Insiya Nalawala & Associates as the company's Secretarial Auditors for a term of five consecutive years.

The proposed appointment comes with an annual fee of ₹1.40 lakhs plus applicable taxes and out-of-pocket expenses for the first year. For subsequent years, the fees will be mutually agreed upon between the Board of Directors and the auditing firm.

M/s Insiya Nalawala & Associates, founded in 2019 and based in Ahmedabad, is a peer-reviewed firm specializing in corporate law, SEBI regulations, and FEMA compliance.

Voting Process

Shareholders can cast their votes electronically through the e-voting system provided by the National Securities Depository Limited (NSDL). The e-voting period commences on August 27 at 9:00 AM IST and concludes on September 25 at 5:00 PM IST.

The results of the postal ballot will be announced within two working days from the conclusion of the e-voting period and will be displayed on the company's website and communicated to the BSE Limited.

These proposals reflect IFSL's strategic moves to optimize its capital allocation and ensure compliance with evolving regulatory requirements in the financial services sector.

Interactive Financial Services Limited (IFSL) has reported a turnaround in its financial performance for the first quarter, along with the announcement of its upcoming Annual General Meeting (AGM).

Financial Performance

IFSL reported a profit of Rs. 60.63 lakh for the quarter, marking a significant improvement from the loss of Rs. 38.56 lakh in the previous quarter. The company's revenue from operations stood at Rs. 85.80 lakh for the quarter.

Key financial highlights for Q1 include:

The company's performance shows a marked improvement in profitability, with a significant reduction in total expenses compared to the previous quarter.

31st Annual General Meeting

IFSL has scheduled its 31st Annual General Meeting for September 12, to be held via video conferencing at 1:00 PM IST. Key points regarding the AGM include:

1. The Register of Members and Share Transfer Books will remain closed from September 1 to September 12 (both days inclusive) for the purpose of the AGM.

2. Mr. Pradip Sandhir, the Managing Director, will retire by rotation and seek re-appointment at the AGM.

3. M/s. Insiya Nalawala Associates, Company Secretaries, has been appointed as the scrutinizer for the e-voting process.

4. The cut-off date for sending AGM notices and the Annual Report to shareholders is set for August 8.

Other Corporate Actions

The company also reported on the utilization of funds raised through a rights issue completed earlier in the year. As of June 30, out of the total Rs. 1,175.11 lakh raised:

• Rs. 595.50 lakh has been utilized to increase the company's net worth
• Rs. 250.00 lakh has been used for general corporate purposes
• Rs. 14.50 lakh has been allocated for setting up office space
• Rs. 10.68 lakh has been spent on issue-related expenses

The remaining funds are yet to be utilized as per the stated objectives in the offer document.

Investors and stakeholders can access the detailed financial results on the BSE Limited website and the company's official website at www.ifinservices.in .