Annual General Meeting held on September 26, 2024
Back- Please start the reverse countdown.
- Five, four, three, two, one.
- You are live. A
- very good morning, everyone. I,
- Priyanka Sharma, Company Secretary,
- welcome you all to this 31st Annual
- General Meeting of your company being
- held on September 26,
- 2024 at 11:30
- AM through video conferencing and other
- audio-visual means. As you are aware
- that this meeting is being held through
- electronic means in accordance with the
- circulars issued by the Ministry of
- Corporate Affairs from time to time. At
- the outset, I would like to introduce to
- all the directors who are present for the
- meeting. Shri Rahul Bhave,
- Deputy Managing Director.
- Shri Umesh Kumar Garg, Independent
- Director and Chairman of Audit Committee
- and Nomination and Remuneration Committee.
- Shri Arvind Kumar Jain, Director and
- Chairman of Stakeholders Relationship
- Committee, Professor N. Balakrishnan,
- Shri Surendra Behera, Director,
- Professor Arvind Sahay, Director.
- Shri Prasoon, ED IFCI, Shri Sachikanta
- Mishra, ED IFCI, Shri Suneet Shukla,
- CFO, are also present here.
- Further, Shri Subhash Chandra Mann,
- Partner, M/s. S. Mann & Company, Chartered
- Accountant, Statutory Auditor,For
- FY23-24, Ms. Shweta Jain
- Partner, M/s. Aggarwal S & Associate
- Secretarial Auditor and Shri Devesh
- Vasisht, Practicing Company Secretary
- from DPV and Associates Scrutinizer are
- also present for the meeting. In
- terms of the article of association of
- the company, the directors present have
- unanimously elected Shri Rahul Bhave,
- DMD to chair this meeting.
- I would now request Chairman Shri Rahul
- Bhave to start this meeting. Sir,
- Good morning, ladies and gentlemen. I
- welcome you all to this 31st Annual
- General Meeting of your company. I
- request Company Secretary to please
- confirm presence of quorum.
- Sir, the quorum is there. Since the
- quorum is present, I declare the meeting
- open. I would also like to welcome all
- the members, directors, auditors,
- scrutinizers, representatives of
- Government of India, and all the
- stakeholders who are attending this
- meeting. Shri Jitendra Asati,
- Shri Surjith Karthikeyan, both government
- directors, could not attend this meeting
- due to some exigencies. The statutory
- registers, records, and all the
- documents referred to in the notice
- calling the meeting and the explanatory
- statement are available for inspection
- through electronic means and will remain
- open till the conclusion of this meeting.
- The annual report for 31st AGM, including
- the notice calling the 31st Annual
- General Meeting dated August 08,
- 2024, had already been sent through
- e-mail to the members in line with the
- MCA circulars. The notice has also been
- made available on the websites of the
- company, the stock exchanges, that is BSE
- Limited, and National Stock Exchange of
- India Limited and the Central Depository
- Services India Limited, being the
- e-voting service provider. With your
- permission, I shall take it as read.
- The members are informed that the voting
- is open and shall remain open for 15
- minutes. after the conclusion of the
- meeting. Hence, the members who have not
- cast their vote through remote e-voting
- can cast their vote electronically by
- following the instructions provided in
- the notice.
- Before proceeding further, I would like
- to briefly apprise you about the
- initiatives of your company during the
- year under report. Your company turned a
- corner during the financial year by
- reporting profit after a period of seven
- years. Your company booked a PAT of
- rupees one twenty eight crore and total
- comprehensive profit of rupees eighty
- eight point one zero crore during the
- year, achieved through aggressive NPA
- recovery and expansion of advisory
- services. Your company actively pursued
- recovery from NPAs, thereby recovering
- rupees nine forty crore out of NPAs and
- security receipts during financial year
- 2324. IFCI has
- continued to strengthen and expand its
- footprint in advisory services, and has
- positioned itself as a preferred partner
- to Government of India for schemes
- launched under the aegis of Atmanirbhar
- Bharat. The PLI schemes and other schemes
- of Government of India has provided not
- only an additional revenue stream, but
- also has given a lot of visibility. At
- present, IFCI is the project
- management agency for 10 out of
- 14 PLI schemes. During the period, your
- company has forayed into the realm of ESG
- and sustainability. The internal
- capabilities have been developed, and a
- new advisory vertical has been set up to
- support corporates by providing a
- government of ESG and sustainability
- services. Your company has also
- collaborated with Federation of Indian
- Micro and Small and Medium Enterprises,
- FISME, for creation of Center of
- Excellence for aspiring SMEs, for
- providing hand-holding support to help
- SMEs grow. doing year and a handbook
- Making Aspiring SMEs Ready for External
- Equity was released. Your company
- focuses on group synergies and values
- maximization at the group level. IFCI,
- through one of its subsidiaries, Stock
- Holding Corporation of India Limited, is
- making contribution in promotion of
- digital economy in the country. During
- the last year, a coffee table book titled
- Impact Assessment of E-Stamping in
- India was released. Further, Stock
- Holding Corporation was a key participant
- in national roundtable discussion on
- draft Indian Stand Bill 2023 on
- February 15, 2024 in New Delhi, and
- provided inputs on key points. I take
- this opportunity to thank the Department
- of Financial Services, Ministry of
- Finance, for the steadfast support
- extended to IFCI. During the year, the
- Government of India infused Rs. 500 crore
- towards subscribing to share capital of
- your company. Besides, I would like to
- express gratitude for cooperation,
- guidance, and support from the Reserve
- Bank of India, the Securities and
- Exchange Board of India, the Stock
- Exchanges and other regulatory bodies
- as also the Comptroller and Auditor
- General of India. I also acknowledge the
- valuable assistance and continued
- cooperation received from various other
- stakeholders. Now I request Shri
- Priyanka Sharma, Company Secretary, to
- read the qualifications, observations or
- comments or remarks and the management's
- reply, if any, in the auditor's report of
- your company for the financial year ended
- March 31, 2024.
- Thank you so much, sir. There has
- been no qualification, observation or
- adverse remarks or disclaimer made by the
- statutory auditor. However, certain
- emphasis of matter have been made which
- are part of the annual report. With your
- permission, I shall take them as read.
- The comments of the Comptroller and
- Auditor General of India along with
- consolidated ICS comment on CAG
- supplementary audit observation have been
- made part of the annual report. With your
- permission, I shall take them as read.
- Further, certain observation has been
- made in the Secretarial Audit Report
- of the company regarding absence of
- requisite number of independent directors
- including women independent director on
- the board of your company. The
- observation of the secretarial auditor and
- the management reply has been made part
- of the annual reports. With your
- permission, I shall take them as read.
- Sir. In view of the provisions of the
- Companies Act 2013 and SEBI Listing
- Regulations 2015, remote e-voting was
- made available. The remote e-voting was
- concluded on Wednesday, September 25, 2024
- at 05:00pm. Further, in line
- with the provisions of Companies Act,
- Secretarial Standard on General Meeting
- and MCA Circular, the facility of
- e-voting during the concurrence of
- meeting is also available to eligible
- members. Members are requested to follow
- the instructions provided in the notice
- calling 31st AGM for venue voting.
- Before considering the business, I would
- like to take this on record that all
- efforts feasible under the present
- circumstances have indeed been made by a
- company to enable members to participate
- and vote on the item being considered in
- this meeting. Now we shall proceed with
- the agenda listed in the notice. Item
- number one to consider and adopt the
- Audited stand-alone financial statements
- of the company for the financial year
- ended March 31st, 2024. together with the
- report of the board of directors and
- auditors thereon, and comments of the
- Comptroller and Auditor General of India,
- and the audited consolidated financial
- statements of the company for the
- financial year ended March 31, 2024,
- together with the reports of the auditors
- thereon, and comments of the Comptroller
- and Auditor General of India. The
- financial statements have been audited by
- the statutory auditors of the company,
- appointed by C&AG, and has been approved
- by the board of directors. The same has
- now been put up to the members for
- adoption. Item number two--
- to appoint a director in place of
- Professor Arvind Sahay, DIN
- 03218334, who retires by
- rotation at this annual general meeting
- and, being eligible, offers himself for
- reappointment. Professor Sahay is
- director and professor of marketing and
- international business at MDI Gurgaon. He
- is a professor and ex-dean, alumni, and
- international relations at IIM Ahmedabad.
- His cumulative board room experience is
- more than thirty five years. The matter
- is put to the members for approval. Item
- number three to fix the remuneration of
- statutory auditors of the company in
- terms of provision of section one thirty
- nine five and one forty two of the
- Companies Act 2013. The same has been put
- up to the members to authorize the Board
- of Directors to fix the remuneration of
- C&AG appointed statutory auditors. The
- matter is put to the members for
- approval. Item number four to
- authorize the board of directors,
- including any committee thereof, for
- making offers and invitations to
- subscribe to securities, raise
- funds, including but not limited to bonds
- and non-convertible debentures through
- private placement in one or more tranches
- up to an amount of rupees 1,000 crore
- during the period of one year from the
- date of passing of this resolution. As
- per the provisions of the Companies Act
- 2013, the company is required to obtain
- prior approval of the shareholders by way
- of special resolution once a year. The
- proposed resolution would enable your
- company to mobilize funds to further
- its business. The matter is put to the
- members for approval. Now I request...
- company secretary to take the next
- agenda. As agenda
- item number five relates to appointment
- of Shri Rahul Bhave, I request Shri
- Arvind Kumar Jain, director, to take over
- the proceedings of this agenda.
- Thanks, Priyanka. Agenda number five,
- this is the appointment of Shri
- Rahul Bhave, Deputy Managing Director,
- DIN
- 09077979.
- Shri Bhave is senior banker with over
- 24 years of commercial banking experience
- in various capacities and has served
- across the country. He has served in
- National Housing Bank as an executive
- director for three years. Apart
- from his expertise in retail operations,
- he also carries experience in the
- areas of refinance, supervision,
- recovery, risk management, and IT.
- Pursuant to Government of India Order,
- the Board of IFCI has appointed him as
- Deputy Managing Director for a period of three
- years from the date of his taking over.
- In order to comply with the provisions of
- SEBI Listing regulations, the matter is
- put to the members for approval.
- Now I will hand over the proceedings
- to Shri Rahul Bhave,
- Chairman of the Meeting. Thank you,
- sir. Thank you, sir. Item number 6
- Continuation of directorship of Professor
- Narayanaswamy Balakrishnan, DIN
- 00181842, as a
- non-executive, non-independent director
- of the company on completion of
- seventy-five years of age. Professor
- Narayanaswamy Balakrishnan has vast
- experience and expertise in IT field.
- In view of provisions of SEBI listing
- regulation, company is seeking approval
- of the members for continuation of his
- directorship beyond his attaining 75
- years of age. The matter is put to the
- members for approval.
- The members can now pose questions.
- Right, sir. Thank you so much.
- As some of the shareholders who have
- registered themselves as the speaker for
- the meeting, hence I would request
- one by one to speak on the matter.
- Shri Gagan Kumar
- He is not available for the meeting.
- Shri Santosh Chopra
- He is also not available for the meeting.
- Srimati Anjana.
- Shri Praveen.
- I am audible sir. Yes sir, you are
- audible sir. Good
- morning, my respective chairperson,
- esteemed board of directors, fellow
- shareholders, myself, Praveen Kumar
- joining this meeting from New Delhi. A
- few observations with the
- management, but before that under review,
- I'd like to thank the entire management
- team, each and every dedicated employee
- of our company, happy and prosperous
- future. Excellent address to the
- shareholders, sir. You cover almost
- everything. I'm with the company since
- IPO and our company is
- initiated by Government of India. I have
- the deepest respect for you. We are
- number one in that space. Under your
- leadership, you are working so hard to
- create value for us. Excellent CSR
- initiatives taken by our company and I'm
- very, very thankful to our respected
- company secretary for maintaining high
- standard of corporate governance to the
- retail investor. I requested a hard copy
- that will be delivered on time. If you
- have any update, that will be timely
- reply. So she is the biggest asset as far
- as the communication with the retail
- investor is concerned. My question to the
- management is nowadays there are lots and
- lots of buzz about AI tool, what kind of
- percentage we are using it on our
- operation to prompt our operation and in
- next year what will be the increase in
- percentage so that we will
- prompt our operation that will be
- reflecting revenue and profitability.
- With this note, I wish you all the best.
- God bless you with all the positivity so
- that you will keep the momentum of
- creating wealth for the retail investor.
- Like me, I'm very, very thankful for this
- platform. Thank you, sir. Thank you very
- much. God bless you. Thank you. Thank
- you. Thank you, Praveen ji. A
- very pertinent question regarding
- technology, how it is being used. And you
- will be happy to know that your company
- is also advancing in the technology
- front. When we say that we are managing
- PLI schemes and other initiatives,
- technology is the backbone for what we
- have been doing so far, and that has been
- appreciated across various stakeholders.
- Regarding your pertinent question on the
- artificial intelligence part or what
- other advanced technology which is being
- used, I have... with me Mr. Prasoon ED
- who is looking after the IT project. He
- would further elaborate on it if at all
- if he feels so. Thank you sir.
- Praveen ji, for the last six months
- we are actively engaged with marketing.
- Praveen ji, are we audible to you?
- Sir, can you hear us? Right, right.
- Right sir, please continue sir. For the
- last six months, we are actively engaged
- with various market players
- so that we implement AI in
- our advisory services and other
- IT services. Maybe by the
- next AGM, we'll be in a position to
- implement part of it. Thank you.
- Right, sir. Thank you so much. And the
- other investors had written to the
- organization and accordingly they have
- been answered. Now I request the
- Chairman to please proceed further.
- The members who have not yet cast their
- vote are once again requested to cast
- their vote through e-voting platform of
- CDSL by following the instructions
- provided in the notice.
- With this, the business of this annual
- general meeting of IFCI Limited is
- concluded. The result of the venue voting
- aggregated with the result of remote
- e-voting will be placed on the website of
- the company, stock exchanges that is BSE
- and National Stock Exchange of India
- Limited, Central Depository Services
- India Limited and will also be displayed
- on the notice board of the registered
- office of the company as per the
- provisions of the Companies Act and SEBI
- regulations. Ladies and gentlemen, I
- declare that the 31st Annual General
- Meeting stands closed. Thank you very
- much. Thank you, sir. Thank you,
- everyone. Thank you so much.
- Thank you, sir. Thank you, all of you.
- Thank you so much. Thank
- you very much. Thanks.
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