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Fusion Finance Ltd ( (IN:FUSION) ) has shared an announcement.
Fusion Finance Ltd has disclosed that it received an order from the Registrar of Companies, Delhi, imposing a penalty for past non-compliance with Section 152(6) of the Companies Act, 2013, relating to the required number of non-independent directors liable to retire by rotation. The lapse, covering July 20, 2021 to July 8, 2023, resulted in a Rs. 3 lakh penalty on the company and Rs. 1 lakh on its erstwhile managing director, but the firm has been compliant since July 8, 2023 and says the matter is now closed through adjudication.
The company emphasized that the adjudication followed a voluntary, suo-motu application, underscoring its stated commitment to statutory compliance and corporate governance. Management indicated that the financial impact of the penalty is limited and that it is taking steps to strengthen oversight and ensure continued adherence to the Companies Act and other applicable regulations, aiming to reassure investors and regulators of its governance standards.
More about Fusion Finance Ltd
Fusion Finance Ltd, formerly known as Fusion Micro Finance Ltd, operates in the financial services sector with a focus on microfinance and related lending activities. The company serves underbanked and low-income segments, positioning itself as a provider of inclusive financial solutions within India’s broader non-banking finance and microfinance industry.
Average Trading Volume: 24,616
Technical Sentiment Signal: Strong Sell
Current Market Cap: 25.71B INR
For an in-depth examination of FUSION stock, go to TipRanks’ Overview page.