Fusion Finance Limited — Others, 30-06-2025: Shareholders meeting

Fusion Finance Limited has announced a board meeting to hold its 31st Annual General Meeting (AGM) through video conferencing. Key agenda items include adoption of audited financial results for FY 2024-25, re-appointment of Managing Director Mr. Devesh Sachdev, and appointment of M/s BK Khare & Co. as new statutory auditors for a three-year term. The company proposes an amendment to Article 35 of its Articles of Association to allow the Board to call up to 50% of share calls in a single call, facilitating easier collection of outstanding share monies. M/s Navneet K Arora & Co LLP is recommended as Secretarial Auditor for five years.

The AGM also seeks approval to waive recovery of excess remuneration (INR 4.58 Cr) paid to Mr. Sachdev for FY 2024-25 due to absence of profits and to ratify his remuneration for FY 2025-26 despite probable inadequacy of profits. Independent Directors Mr. Puneet Gupta, Ms. Namrata Kaul, and Ms. Ratna Dharashree Vishwanathan are proposed to receive remuneration of up to ₹7.5 Lakh each per annum for three years, covering periods of inadequate profits.

The company reported a net loss of INR 1224.54 Cr for FY 2024-25 amid industry challenges like customer overleveraging, repayment issues post-COVID, and political disruptions. Measures including tightened risk controls, recovery efforts, and a partly-paid rights issue of INR 800 Cr (1.5x subscribed) are underway to stabilize operations and restore profitability. Promoters hold 52.61% of equity, with foreign holdings totaling 55.09%.

Mr. Devesh Sachdev, founder and Managing Director, retains a 3.05% stake and has led the company since inception. The Independent Directors bring strong sector, banking, fintech, regulatory, and governance expertise aimed at supporting long-term sustainable growth.