Key Quantitative Figures
- Amount Raised in IPO: ₹21.78 Crore
- Date of Allotment: June 10, 2024
- Unutilized Proceeds as of March 31, 2026: ₹595.81 Lakhs (₹5.96 Crore)
- Breakdown of Unutilized Funds:
- Fixed Deposits with Axis Bank: ₹415.96 Lakhs
- Debt Oriented Mutual Funds (Tata Ultra Short-Term Fund – Regular Plan – Growth): ₹175.32 Lakhs
- Bank Balance with Axis Bank: ₹4.53 Lakhs
Dates of Action and Approval
- Shareholder Approval Date for Variation: February 18, 2025
- Notice Date for Postal Ballot: January 16, 2025
- Filing Date of this Statement: May 28, 2026
Parties Involved
- Listed Entity: Sattrix Information Security Limited (CIN: L72200GJ2013PLC076845)
- Stock Exchange: BSE Limited, SME Division
- Auditors: A. N. Ruparel & Co., Chartered Accountants (Firm Reg. No.: 113413W)
Purpose and Rationale for Deviation
The company proposed to alter the object "Development of New Product & Technology Inhouse" to "Development of New Product & Technology by outsourcing the work." The stated rationale is that delays in identifying and acquiring the necessary expertise for in-house development proved time-consuming. Outsourcing is intended to expedite the process and optimize resource allocation.
Financial and Operational Impact
The variation represents a change in the method of achieving the stated object (product development) rather than a change in the object itself. The financial impact of the unutilized funds is the interest/return earned on the parked amounts in fixed deposits and mutual funds.
Governance and Compliance
- The change was approved by shareholders via a special resolution through a postal ballot process.
- The Audit Committee reviewed the deviation and had no comments.
- The auditors, A. N. Ruparel & Co., have certified that the statement is in agreement with the books and records and have stated: "As per our observation there is no deviation or any comments."
#Tags: #SattrixInformationSecurity #SEBIRegulation32 #IPO #FundUtilization #Compliance