Board Meeting Details

The meeting commenced at 3:00 PM and concluded at 3:45 PM on Tuesday, August 11, 2026.

Key Board Resolutions

1. Financial Results Approval

  • Approved the Unaudited Financial Results for the quarter ended June 30, 2026
  • Approved the Limited Review Report issued by the Statutory Auditors
  • Authorized submission to Stock Exchanges under Regulation 33 of SEBI (LODR) Regulations, 2015

2. Company Name Change

  • Approved change of company name from "Minolta Finance Limited" to "Wagad Finance Limited"
  • Subject to approval of shareholders and other statutory/regulatory authorities
  • Alternative name may be used as made available by Ministry of Corporate Affairs

3. Auditor Appointment

  • Appointed M/s. CGCA & Associates, Chartered Accountants (Firm Registration No. 123393W/W100755) as Tax Auditors & Consultant of the Company
  • The firm has extensive experience in taxation, audit, accounting, corporate advisory, regulatory compliances, and financial consultancy
  • No relationships exist between the auditor and any directors of the company

4. Registered Office Shifting

  • Approved shifting of Registered Office within local limits of Kolkata, West Bengal
  • Additionally approved shifting from West Bengal (Kolkata) to Mumbai, Maharashtra
  • Subject to approval of shareholders and required statutory/regulatory approvals

5. Annual General Meeting

  • Approved Notice convening Annual General Meeting
  • Approved Board's Report for financial year ended March 31, 2026
  • Appointed Scrutinizer for ensuing AGM
  • Fixed date, time and venue of AGM

Financial Results for Quarter Ended June 30, 2026 (Unaudited)

Income Statement (₹ in lakhs)

  • Interest Income: ₹491.33 (vs ₹205.31 in Q1 FY26)
  • Other Income: ₹- (vs ₹1.01 in Q1 FY26)
  • Total Income: ₹491.33 (vs ₹206.32 in Q1 FY26)

Expenses (₹ in lakhs)

  • Finance Cost: ₹407.90 (vs ₹165.42 in Q1 FY26)
  • Impairment on Financial Instruments: ₹16.77 (vs ₹15.98 in Q1 FY26)
  • Employee Benefit Expenses: ₹24.33 (vs ₹14.19 in Q1 FY26)
  • Other Expenses: ₹12.16 (vs ₹10.97 in Q1 FY26)
  • Total Expenses: ₹461.50 (vs ₹206.56 in Q1 FY26)

Profitability (₹ in lakhs)

  • Profit before tax: ₹29.83 (vs loss of ₹0.24 in Q1 FY26)
  • Tax expense: ₹-16.99 (vs ₹55.76 in Q1 FY26)
  • Net Profit for period: ₹46.81 (vs loss of ₹56.00 in Q1 FY26)
  • Other Comprehensive Income: ₹1.56
  • Total Comprehensive Income: ₹48.38

Per Share Data

  • Basic & Diluted EPS: ₹0.05 (vs ₹-0.56 in Q1 FY26)
  • Paid-up Equity Share Capital: ₹999.96 lakhs (unchanged)

Auditor's Limited Review Report Qualifications

JCR & Co. LLP, Chartered Accountants (FRN: 105270W/W100846) issued a limited review report with the following qualifications:

1. Interest Expense Understatement

  • Interest expense not provided in few loan accounts due to missing loan documents
  • Amount cannot be quantified

2. Investment Documentation Issues

  • Company shows quoted and unquoted investments of ₹62.87 lakhs
  • Ownership documents missing for these investments
  • Unable to comment on carrying value of investments

3. ECL Provision Understatement

  • Company considered recoveries of ₹2.94 crore from Radiant Financial Services Ltd for period July 1, 2026 to August 7, 2026
  • These recoveries pertain to period subsequent to reporting date (June 30, 2026)
  • Resulted in understatement of ECL provision by ₹2.94 crore
  • Resulted in overstatement of Profit by ₹2.94 crore

4. Debt Assignment Issues

  • Assignment of debt of ₹6.18 crores to Radiant Financial Services Ltd vide agreement dated June 30, 2026
  • Requires Board approval and needs immediate ratification
  • Assignment letter to debtors unavailable for verification

Other Matters Noted by Auditors

1. RBI Approval for Change in Management

  • NBFC requires prior written permission from RBI for any takeover or acquisition of control
  • Change in management occurred in 2024-26
  • Company filed application to RBI for change in management in March 2026
  • Approval awaited

2. Ransomware Cyber Attack

  • Company hit by ransomware cyber attack on July 3, 2026
  • All financial data including backups compromised and unrecoverable
  • Management believes no financial loss occurred due to this event

3. Statutory Compliance Issues

  • Company deducted Profession Tax from employees' salaries but not remitted to authorities
  • Company has not obtained mandatory professional tax registration

Additional Information

  • Financial results prepared in accordance with Ind AS 34
  • Company adopted Indian Accounting Standards from April 1, 2019
  • Previous quarter limited review conducted by M/s Khandelwal Prem & Associates
  • Figures for quarter ended March 31, 2026 are balancing figures between full year and nine months