Arohan Financial Services Limited | Annual Report 2021-22

96 Annual Report | 2021-2022 Subordinated, Non-Convertible Debentures at a face value of INR 1,00,00,000 each aggregating to INR 200 Crores on a private placement basis. The said NCDs will be eligible for Tier II Capital. Apart from the above, the Company has not issued any equity shares during the financial year under review. Further, the shareholders of the Company at their Extra Ordinary General Meeting held on March 28, 2022 has approved the reclassification of authorized share capital of the Company to INR 1,60,00,00,000 (Rupees One Hundred Sixty Crore Only) divided into INR 1,35,00,00,000 (Rupees One Thirty Five Crores Only) of Equity shares for a face value of INR 10/-each (Rupees ten only), and INR 25,00,00,000 (Rupees Twenty-Five Crore Only) of 2,50,00,000 Compulsory Convertible Preference Shares for a face value of INR 10/- each (Rupees ten only). INITIAL PUBLIC OFFERING The Directors hereby inform that due to the current market conditions and other unfavourable circumstances, the Company could not go ahead and materialise its IPO planning and thereby the approval of SEBI for opening up the subscription has expired. DIVIDEND The Board of Directors do not recommend any Dividend for the year under review. DIRECTORS AND KEY MANAGERIAL PERSONNEL Mr. Vineet Chandra Rai (DIN: 00606290) being Promoter Director retire by rotation in terms of Section 152 of the Companies Act, 2013 and Article of Association of the Company and being eligible offered for re-appointment as Director of the Company. Declaration from the director under section 164 (2) of the CompaniesAct, 2013hadbeen received stating he is not disqualified from being appointed as the Director. Mr. Manoj Kumar Nambiar (DIN: 03172919), has been reappointed as a Managing Director w.e.f., July 01, 2021 for a period of period of 5 years. Further, Ms. Matangi Gowrishankar, (DIN: 01518137) has been reappointed as an Independent Director w.e.f., August, 22, 2021 for a period of 5 years. Furthermore, Mr. Kasper Svarrer has vacated the office of Director of theCompanyw.e.f. May 11, 2022. Further, Mr. David Arturo Paradiso has been appointed as an Additional Director w.e.f., May 11, 2022. During the year, Mr. Manoj Kumar Nambiar, Managing Director, Mr. Milind Ramchandra Nare, Chief Financial Officer, and Mr. Anirudh Singh Thakur, Company Secretary are the Key Managerial Personnel (“ KMP ”) of the Company under Companies Act, 2013. Apart from the above, Company has appointed Mr. Bharath Sondur as Chief Business Office w.e.f., December 29, 2021. Mr. Shailesh Kumar, Senior Vice President and Head – Credit, Mr. Ranjan Das, Chief Risk Officer, Mr. Harshavardhan Patnaik, Senior Vice President and Head of Branch Operations and Quality, Mr. Vinod Kumar Pandey, Deputy Vice President and Head- Central Operations and Alliances, Mr. Abin Kumar Mukhopadhyay, Senior Vice President –Head of Internal Audit, Mr. Arvind Murarka, Senior Vice President – Head of Information Technology, Mr. Prashant Rai, Senior Vice President – Head of Human Resources, Admin, Training & Development and CSR, and Ms. Reema Mukherjee, Assistant Vice President – Head of Strategic Initiatives & Corporate Communications are the Key Managerial Personnel (“KMP”) of the Company under SEBI (ICDR) Regulations, 2018. DECLARATIONOF INDEPENDENCE The Company has received declarations from all Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure