Panth Infinity Limited , a Gujarat-based company, has made several significant announcements following a board meeting held on September 11. The company has approved key appointments and set the date for its upcoming Annual General Meeting (AGM).

New Managing Director Appointment

The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Mr. Kalpesh Dilipbhai Amlani (DIN: 08640953) as the Managing Director of the company. Mr. Amlani's appointment is subject to shareholder approval and is set for a five-year term from May 12 to May 12.

Mr. Amlani, residing in Ahmedabad, Gujarat, brings expertise in Business Strategy to his new role. The company believes his vast experience, sound knowledge in various fields, and strong social network will contribute significantly to Panth Infinity's growth and development in the long run.

Auditor Appointments

In addition to the Managing Director appointment, Panth Infinity has made two key auditor appointments:

1. M/s. SCS and Co. LLP, Practising Company Secretaries, has been appointed as Secretarial Auditors for a term of five financial years starting from FY 2025-26 (April 01).

2. The Board has approved and recommended the appointment of M/s. SSRV AND ASSOCIATES, Chartered Accountants (FRN: 135901W), as Statutory Auditors for a term of five consecutive years. This appointment will be effective from the conclusion of the upcoming 32nd Annual General Meeting to the 37th AGM, subject to shareholder approval.

Annual General Meeting and Other Decisions

The company has scheduled its 32nd Annual General Meeting for September 30 at 10:00 P.M. IST. The meeting will be conducted through Video Conference (VC) or Other Audio Visual Means (OAVM) in compliance with applicable circulars from the Ministry of Corporate Affairs (MCA) and SEBI.

Other key decisions from the board meeting include:

• Approval of the Draft Directors' Report for the financial year 2024-25
• Change of the company's registered office within Ahmedabad city limits
• Appointment of National Securities Depository Limited (NSDL) as the Remote E-Voting Agency for AGM resolutions
• Appointment of M/s. ALAP & Co. LLP as scrutinizer for the AGM voting process

These announcements reflect Panth Infinity's focus on strengthening its leadership and ensuring compliance with regulatory requirements as it moves forward in its corporate journey.

Panth Infinity has announced significant plans to restructure its capital, including a substantial increase in authorized share capital and a large-scale conversion of unsecured loans into equity shares. These moves, approved by the company's Board of Directors, are set to dramatically alter the company's capital structure and shareholding pattern.

Authorized Share Capital Increase

The Board has proposed to raise the company's authorized share capital from Rs. 37.00 crore to Rs. 60.00 crore. This represents a 62% increase in the authorized capital base. The proposal involves amending the Capital Clause (Clause V) of the company's Memorandum of Association to reflect this change.

Debt-to-Equity Conversion

In a move to strengthen its balance sheet, Panth Infinity has approved the conversion of unsecured loans into equity shares. The company plans to issue up to 3.28 crore new equity shares at a face value of Rs. 10.00 each through a preferential allotment to four investors:

1. Bhavishya Ecommerce Private Limited
2. Gromo Trading Private Limited
3. Samyak Enterprise Private Limited
4. Shital Trade Link Private Limited

The exact issue price will be determined in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Impact on Shareholding

This preferential issue is set to have a significant impact on the company's shareholding structure:

It's noteworthy that the company has no promoter holding, with all shares falling under public shareholding both before and after the proposed issue.

Regulatory Approvals and Next Steps

The proposed capital restructuring is subject to shareholder approval and necessary regulatory clearances. The Board is considering conducting an extraordinary general meeting or a postal ballot to seek shareholder approval for these proposals.

Panth Infinity Limited will submit the notice for the extraordinary general meeting or postal ballot process to the stock exchanges once it is emailed to eligible shareholders.

These strategic moves by Panth Infinity appear aimed at strengthening its capital base and improving its debt profile. Shareholders and market observers will be keenly watching how these changes impact the company's financial position and future growth prospects.